Campbell Soup CEO Mark Clouse said Wednesday that the company is increasing soup production in response to the coronavirus outbreak.
"We made the decision last week to up production in certain areas where we're using a little bit the analogy of weather or natural disasters," Clouse said on CNBC's "Closing Bell." "Where do we see demand coming in a greater rate? And we've upped that level of production to be able to maximize our inventory to be prepared for whatever unfolds here.
as more cases of the disease are reported in the U.S. Hand sanitizer and cleaning supplies have also seen their sales surge, presenting a problem for grocery stores and retailers, who may be unprepared by the sudden swing in demand. Clouse said that the company has been talking with some retailers to better understand what demand could look like. Campbell's noticed an uptick in sales, both online and in stores, over the weekend, but Clouse said it was still too early to call it a trend.
The food company is also concerned about its ability to manufacture products, like Goldfish crackers and Milano cookies. Only about 10% of its products are sourced outside of the U.S., with less than 2% in China. Campbell's is trying to find alternative sources or ingredients where possible, according to Clouse.
Campbell's stock, which has a market value of $15.9 billion, closed Wednesday up 10% after its second-quarter earnings topped estimates and it raised its full-year outlook. Shares have been given a lift in recent days as investors forecast increased demand for its soup due to the outbreak.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
French Onion SoupShane Mitchell shares her father's French onion soup recipe.
Les mer »
My Father’s French Onion SoupShane Mitchell's father spent his 20s in post-WWII France, where he learned to appreciate the simple art of french onion soup.
Les mer »
Review: Arcadia's 1919 Lanzhou Beef Noodle showcases hand-pulled noodles in spicy soupVisit Arcadia's 1919 Lanzhou Beef Noodle for beautiful hand-pulled noodles in spicy soup
Les mer »
Wall Street prepares as coronavirus gets closer to homeWall Street stepped up preparations to deal with the impact of the coronavirus o...
Les mer »
UK preparing measures to help business, economy if coronavirus spreadsThe British government is preparing possible measures to support the health serv...
Les mer »
Coronavirus Disease 2019 (COVID-19)Coronavirus disease 2019 (COVID-19) is a virus (more specifically, a coronavirus) identified as the cause of an outbreak of respiratory illness first detected in Wuhan, China.
Les mer »