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General Mills Says Demand Rises as Consumers Stockpile

soup and other foods are in high demand as consumers stock up to ride out the coronavirus pandemic. In the past two weeks, Americans have hoarded food as restaurants close their dining rooms and more are told to stay home from work and school. General Mills, which makes Cheerios cereal, Yoplait yoghurt and Progresso soup, on Wednesday said retailers in North America and Europe are purchasing more of its products and its factories are running at near capacity to meet the demand.
“It’s evolving so quickly. We don’t know the depth, and we don’t know the duration,” Chief Executive Jeff Harmening said in an interview. General Mills shares fared better than the broader market on Wednesday, falling 3.2%, compared with a roughly 5.2% drop for the S&P 500.




General Mills said it has adjusted its operations to make fewer varieties of some products so that its plants can run more efficiently, and it has changed the way it delivers goods to retailers to help them get on shelves faster.Mr. Harmening said that over the past week people have started stocking up on essentially all foods, not just staples.“Before that, it was mainly just soup Press Release Distribution Services For Business and flour,” Mr Harmening said. “I think we’ve all been surprised at the virus impact over the past week.”General Mills said it has kept up with demand so far. The company said it has contingency plans to keep its factories running if workers stay home as a result of school closures and social-distancing measures. The company also said that it has dropped some promotional plans for this spring because demand is so high already.Mr. Harmening said that even as people shift to eating almost exclusively at home, demand for General Mills’ products could ebb after an initial burst of stockpiling. The company said the surge in consumer interest could also find new fans for some brands that it has overhauled in recent years.

In the past two weeks, Americans have hoarded food as restaurants close their dining rooms and more are told to stay home from work and school. General Mills, which makes Cheerios cereal, Yoplait yoghurt and Progresso soup, on Wednesday said retailers in Business News  North America and Europe are purchasing more of its products and its factories are running at near capacity to meet the demand.
“It’s evolving so quickly. We don’t know the depth, and we don’t know the duration,” Chief Executive Jeff Harmening said in an interview. General Mills shares fared better than the broader market on Wednesday, falling 3.2%, compared with a roughly 5.2% drop for the S&P 500.

General Mills said it has adjusted its operations to make fewer varieties of some products so that its plants can run more efficiently, and it has changed the way it delivers goods to retailers to help them get on shelves faster.Mr. Harmening said that over the past week people have started stocking up on essentially all foods, not just staples.
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