As the number of Americans out of work has spiked, so has the demand for peanut butter, canned meat and chili.
Hormel Foods Inc. says that as the unemployment rate has risen, so has demand for items that fall into its grocery products category, which includes Spam canned meat, Skippy peanut butter and Hormel brand canned chili.
Center store refers to items typically found in the middle aisles of the grocer including canned goods. More than 2.4 million Americans filed for unemployment last week, bringing the total since mid-March when the coronavirus pandemic and lockdowns began to 35.5 million. Hormel reported overall sales for the quarter of $2.42 billion, beating the FactSet consensus, but profit of 42 cents per share missed the outlook.
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