Coronavirus sends frozen food sales soaring
Shelf-stable foods continue to be in high demand during coronavirus quarantine
Conagra Brands stock is up as shoppers change their grocery buying habits. FOX Business’ Lauren Simonetti with more.
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Americans are continuing to buy shelf-stable foods at supermarkets as they wait out the coronavirus pandemic.
Conagra Brands, the maker of packaged foods like frozen meals, vegetables, peanut butter and popcorn, saw its stock increase 4.3 percent Tuesday in premarket trading after the company said it saw “significantly increased demand” in the fourth quarter. And it doesn’t anticipate sales will slow anytime soon.
Conagra shares are up as shoppers stock up on long-lasting food products during coronavirus quarantine. (AP Photo/David Goldman)
The food 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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“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 told analysts on a post-earnings call Tuesday according to Reuters.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CAG | CONAGRA BRANDS INC. | 27.17 | +0.05 | +0.18% |
Connolly said shipments and domestic retail – which comprises nearly 80 percent of the company’s total sales – surged around 50 percent.
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While home goods like paper towels, toilet paper, cold medicine, gloves and face masks have been sold out at most supermarkets across the country, consumers are increasingly stocking up on bottled water and goods like soups, beans, rice and vegetables after President Trump said he would extend nationwide social distancing guidelines to April 30.
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