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Source: Company filings; Chart: Axios Visuals

Sales of Hormel products — including Skippy peanut butter and Spam — to groceries skyrocketed, thanks to food stockpiling and the quarantine diet.

Why it matters: Some companies are seeing business collapse as Americans lock down, while others are getting a lift as people shelter in place.

  • "Early on in the crisis, there was this view that it was all just stocking up or pantry loadings," but there's sustained demand for the products, Hormel CEO Jim Snee told investors on Thursday.
  • Snee also said longer shelf-life items "are as important to consumers as they've ever been" with millions of Americans out of work.

The big picture: Bigger parts of Hormel's business are being slammed. Demand for its food-service business, where it distributes products to restaurants, hotels and school cafeterias, has plummeted.

  • Costs of safety measures at plants, higher plant worker pay and more supply chain expenses cut into profits.
  • And late last month, it closed three turkey processing plants in Minnesota when several workers tested positive for coronavirus, as the Star Tribune reports.

Go deeper

Updated Aug 30, 2020 - World

Berlin police break up protests against coronavirus restrictions

A protester confronting a police officer in Berlin on Aug. 28. Photo: Abdulhamid Hosbas/Anadolu Agency via Getty Images

Berlin police arrested 300 demonstrators after disbanding a protest Saturday over Germany's coronavirus restrictions as tens of thousands of participants refused to maintain social distancing, per the BBC.

Why it matters: Berlin's regional government tried to ban the protest earlier this week, citing concern for public health. Protesters successfully appealed the decision on Friday, though a court required demonstrators to observe social distancing.

Aug 29, 2020 - World

Europe fears second coronavirus wave as cases surge

A representation of the coronavirus at a Berlin protest against Germany's virus restrictions on Aug. 28. Photo: Abdulhamid Hosbas/Anadolu Agency via Getty Images

Several European countries have reported a jump in new coronavirus cases in recent weeks after a drop in cases over June and July, according to Johns Hopkins University data.

Why it matters: The surge could indicate that Europe is on the verge of a second wave, though currently fewer people are dying from the virus and new cases have needed less medical treatment than those who got it in the spring, according to the Washington Post.

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