In this file:
· Kroger Is Hiring to Meet High Coronavirus Demand
· Kroger CEO on fears of coronavirus shortages: 'There's plenty of food in the supply chain.'
Kroger Is Hiring to Meet High Coronavirus Demand
Grocery stores across the country are under strain as people try to stock up on everyday essentials.
John Ballard, The Motley Fool
Mar 18, 2020
Consumer staples stocks have held up better than most during the recent market sell-off, and Kroger (NYSE:KR) is no exception. On Tuesday, CEO Rodney McMullen told CNBC the grocery chain has hired 2,000 people in the last week to meet the high demand amid the COVID-19 outbreak.
Other companies that sell groceries, including Walmart (NYSE:WMT) and Amazon.com's (NASDAQ:AMZN) Whole Foods Market, have seen similar spikes in demand. One of China's leading e-commerce stores, JD.com (NASDAQ:JD), just announced a $2 billion stock buyback, which says everything about how well things are going with e-commerce, despite strains in other areas of the economy.
Grocery stores are the new hot stocks on Wall Street ...
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Kroger CEO on fears of coronavirus shortages: 'There's plenty of food in the supply chain.'
Alexander Coolidge, Cincinnati Enquirer
via USA Today - Mar 18, 2020
If you ask Kroger CEO Rodney McMullen about the potential for food shortages amid the new coronavirus outbreak that's spreading across America, he'll tell you what he and other retail executives told President Donald Trump on Sunday.
"We asked President Trump and Vice President (Mike) Pence to let people know there's plenty of food and plenty of things in the supply chain," McMullen told The Enquirer. "And as long as customers just buy what they need and don't hoard, there will be no problems at all – there's plenty of food in the supply chain."
McMullen urges the public to remember that the grocery business deals in perishable goods and is set up to constantly ship and refill store shelves. Also, the company operates 37 of its own factories that produce everything from milk and dairy products to maple syrup and canned goods – all of those factories are working overtime and around the clock.
"Some stores get a delivery truck once a day, some every other day and some stores get multiple deliveries a day," McMullen said, admitting some vendors, like those making hand sanitizers, are still struggling to meet the high demand.
But he added that other packaged goods companies, such as Cincinnati's own Procter & Gamble, are narrowing their production to focus on churning out in-demand products, such as toilet paper...