DEERFIELD, Ill.—Mondelez registered 6.4% growth during the first quarter of 2020, helped by an unexpected increase in sales of its snacks, such as Ritz crackers and Oreo cookies, CNBC reports. The company doesn’t attribute the spike to consumers stocking up ahead of the stay-at-home edicts.
“Unless consumers are building a warehouse for Oreos at home, I think they are eating it,” CEO Dirk Van de Put told CNBC. The CEO indicated he believes the company will sustain the growth even as the at-home edicts are beginning to ease. “Originally, you would have said this was pantry loading, but this has now been going on for more than six weeks,” said Van de Put.
Mondelez experienced an initial sales boost in North America during the beginning of the pandemic, which translated into a 30% weekly sales growth. While that acceleration has slowed, sales continue to advance in the high single digits, well above pre-pandemic levels.
“A lot of the out-of-home eating has now gone in home, and that leads to more snacking ... the second thing is that sharing a snack with your family, with your kids brings a feeling of comfort,” Van de Put stated.