Soup, cereal, and ramen manufacturers are high-fiving each other for every dip in the stock market. Packaged food sells well during these troubled economic times, especially since food prices spiked before the banks began to fall. Kellogg’s, Campbell’s Soup, General Mills, and Kraft Foods all reported double-digit profits last quarter, while casual restaurants like Cheesecake Factory and Ruby Tuesday are losing sales. Kraft Foods CEO Irene Rosenfeld gleefully told Ad Age that sales of Kraft’s Macaroni and Cheese, “our icon of value-oriented meal solutions,” are up 20 percent, and Oscar Meyer cold cuts “are on fire.” If your food preparation consists only of adding water, don’t despair: There’s always a bar. Allen Salkin of the Times spent a few days last week at Harry’s, a bar and restaurant right near the exchange. At least no one’s drinking alone.
Economy May Be Rotten, But It’s Right for Packaged Food [Ad Age]
It’s Bottoms Up Amid the Crash [NYT]
