Welcome to a new era of eating habits
One of America''s food giants just dropped a hint about how the pandemic changed (and didn''t change) eating habits. Why it matters: General Mills owner of iconic brands like Cheerios, Yoplait and Betty Crocker won big at the height of COVID-19. How this class of pandemic-era winners fares now gives a glimpse into which habits are sticking and which aren''t. Demand for at-home food is slumping as "offices and schools reopen and the broader economic recovery continues," General Mills said Wednesday. The extreme hoarding and pantry stocking that gave the company a boost is long gone. The big picture: Companies like General Mills face almost impossible comparisons. Their sales look puny compared to the monster revenue they raked in during the depths of the crisis. "This is the first quarter where we can honestly say it looked more like the pre-pandemic America than the pandemic America," says Tom Essaye, a former trader who writes the Sevens Report. One gauge of General Mills revenue was down 6% from the same time last year but 4% above pre-pandemic levels.
Welcome to a new era of eating habits
One of America''s food giants just dropped a hint about how the pandemic changed (and didn''t change) eating habits. Why it matters: General Mills owner of iconic brands like Cheerios, Yoplait and Betty Crocker won big at the height of COVID-19. How this class of pandemic-era winners fares now gives a glimpse into which habits are sticking and which aren''t. Demand for at-home food is slumping as "offices and schools reopen and the broader economic recovery continues," General Mills said Wednesday. The extreme hoarding and pantry stocking that gave the company a boost is long gone. The big picture: Companies like General Mills face almost impossible comparisons. Their sales look puny compared to the monster revenue they raked in during the depths of the crisis. "This is the first quarter where we can honestly say it looked more like the pre-pandemic America than the pandemic America," says Tom Essaye, a former trader who writes the Sevens Report. One gauge of General Mills revenue was down 6% from the same time last year but 4% above pre-pandemic levels.