In another item from the COVID files, it seems that home cooking is good for the makers of food storage containers.
Last week, both Tupperware Brands and Newell, the maker of Rubbermaid-branded containers, reported surging sales for home products.
Tupperware beat sales expectations for the quarter by 31 percent as consumers reached for familiar storage products.
For Newell, sales in the home solutions division, which includes Rubbermaid, climbed nearly 20 percent for the third quarter. Appliances and cookware, the Newell business group that includes the Mr. Coffee brand, was up 17 percent for the quarter. And it was a great summer to sell iced coffee makers for the home.
“The consumer trends during COVID has helped because people have loved this [iced coffee] thing,” CEO and President Ravi Saligram said in a conference call with analysts.
(On the flip side for Newell? Its writing instruments business, including brands such as Paper Mate and Sharpie, slid as people delayed a return to offices and schools.)