As the coronavirus pandemic persists, Americans continue to buy shelf-stable foods at supermarkets. After President Trump announced that he would extend nationwide social distancing guidelines to April 30th, many consumers are stocking up on goods.
Conagra Brands saw its stock increase 4.3 percent in premarket trading after it saw “significantly increased demand” in the fourth quarter.
Fox Business reported that the company’s portfolio includes Birds Eye, Gardein and Orville Redenbacher brands and “attributes the surge in demand to consumers stockpiling their pantries as more Americans eat at home thanks to government orders to stay in.”
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"Coronavirus sends frozen food sales soaring" posted by Nagendra Bandi. Canned, packaged and frozen foods are in high demand with extended social distancing guidelines. pic.twitter.com/gmZyly3jmP
— Nagendra Bandi (@HiNagendraBandi) April 1, 2020
“People are eating much more at home and not away from home, products like ours are getting levels of trial that were not anticipated … that could turn into consistent users over time,” CEO Sean Connolly said. He added that shipments and domestic retail surged around 50 percent.
Reuters reported that “Conagra and other packaged food makers manufactured more of the products in demand and even paid one-time bonuses to its employees as they hurried to restock supermarkets shelves.”
“Typically, we would be spending our time on this call reaffirming our guidance … But this year is unprecedented, and the impact of COVID-19 will be significant,” Connolly said.