McCormick & Company Sales Soar (BBJ Story)
McCormick & Co. Inc. continues to see sales soar during the Covid-19 pandemic, but some analysts on Wall Street are questioning how long it will last.
For the second consecutive quarter Hunt Valley-based McCormick reported significant sales growth driven by higher demand. With customers flocking to grocery stores to stock up their pantries during the pandemic, the spice maker saw consumer-side sales increase 15% in its fiscal third quarter. Overall sales for the company increased 8%. Following a 26% increase in consumer sales in the second quarter as well, McCormick executives said they believe the at-home cooking trend is here to stay. Proprietary consumer survey data collected by the company shows consumers are cooking more from scratch and enjoying the cooking experience.