Kraft Heinz Co absolutely crushed it in Q1, and we’ll give you one guess as to why. You guessed it: home-cooking due to COVID-19.
Due to the coronavirus pandemic, most of us were forced to quarantine ourselves for months on end. Even when we were allowed to step outside of our quarantined lives, we were encouraged to socially distance ourselves from the world, which meant less eating out and more cooking at home. As a result, more people needed Heinz ketchup, and a lot more often. It’s really that simple.
Obviously, we’re not just talking about ketchup. Kraft Heinz is a market that dominates easy-cook options, including instant Kraft Macaroni & Cheese. That means college students, single mothers, and struggling citizens were looking towards these major conglomerates for their cooking needs more than ever before.
Even with the vaccine rollouts, apparently Americans are still hesitant to leave their homes, and are thus continuing to buy products from Kraft Heinz.
Net sales went up to $6.39 billion within the first three months of 2021, a shocking jump from the $6.16 billion from the previous year, and much higher than the analysts estimate of $6.24 billion. Kraft also managed to reach 72 cents per share, which beat analysts’ estimates of 59 cents.
