Campbell Soup orders surge on COVID-19 stay-at-home orders

Orders for Campbell Soup boiled over last week.

The Camden company said on Tuesday that it received more orders for cases of soup, broths, sauces, and other items in the week ended Saturday than in the entire month of March last year, providing more evidence that Americans are stockpiling in response to the COVID-19 pandemic.

The number of cases ordered was up 366 percent, compared with the same week last year, Campbell said in a regulatory filing made in connection with an appearance by chief executive Mark Clouse on CNBC’s Closing Bell show.

Clouse said on the program that in earlier stages of the COVID-19 crisis, increases in demand for the company’s products were similar to what Campbell sees before snowstorms.

“I think what we’ve seen now is that this sustained over time as you have more people eating in home, including lunches, where a lot of our products play a very important role,” he said.

Campbell’s shares, traded on the New York Stock Exchange, have had a volatile ride in the last three weeks, as investors try to assess the value of the company’s newfound popularity with shoppers. They were as high as $53.84 on March 17 and as low as $42.93 Monday. The shares closed at $43.50 Tuesday.

Campbell also announced that it would pay a $2-an-hour premium to all hourly workers in its factories and a $100-a-week premium to front-line supervisors and other managers.