Oreo's parent company Mondelez International Inc's (NASDAQ: MDLZ) conversations with consumers in the U.S. and Europe show that 50% "are clearly indicating they are snacking more," CEO Dirk Van De Put said Tuesda on CNBC's "Closing Bell."
Mondelez Sees Continued Momentum
When Mondelez first saw a spike in sales across some of its food and snack lines, the company assumed it was part of "pantry-loading," the CEO said.
But the momentum has now carried over for more than six weeks, he told CNBC.
"Unless consumers are building a warehouse for Oreos at home, I think they are eating it," he said. "That is really the strength of the first quarter for us."
The theory that consumers are eating snacks at a much higher pace is based on thousands of surveys of consumers across the world, Van De Put said.
Some of the reasons why consumers are buying snacks at a higher pace than usual include the fact that out-of-home dining has now been replaced with at-home dining and the feeling of "comfort" associated with families sharing snacks together.
Sales data collected by Mondelez shows in some part an easing in concerns among consumers, Van De Put said.
Sales growth was as high as 30% in the early days of the stay-at-home orders, but is now trending at a high-single digit, he said.
What's Next For Mondelez
As stay-at-home orders are lifted worldwide, Mondelez's segments associated with travel and out-of-home eating will improve, Van De Put said.
Sales in China for the first quarter were up 3%, but this shouldn't serve as an "example" of what to expect elsewhere moving forward, he said.
Mondelez shares were down 0.23% at $51.05 at the close Wednesday.
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