JM Smucker Raises Sales Outlook On Coronavirus-Led Stockpiling
From: cnbc.com
Strong demand for J.M. Smucker’s Jif peanut butter and other packaged foods helped the company raise its annual sales and profit forecast on Monday, as shoppers stocked up to weather lockdowns due to the coronavirus pandemic.
Uncertainty around the duration of stay-at-home orders has triggered unprecedented demand for essential supplies, boosting sales for consumer goods companies and retailers, while also pressuring supply chains.
The company said it would allocate order volumes to ensure consistent supply across its retail partners, as companies like Kroger and Costco Wholesale limit the number of items that individual customers can buy.
