Owned by Berkshire Hathaway (BRK-B, BRK-A) See’s Candies, the 100-year-old producer and seller of chocolates, lollipops, caramel and Warren Buffett’s favorite delicacy – peanut tender – had its best quarter so far in early 2021 according to CEO Pat Egan.
“We believe we are completely behind. We had our best January, our best February, we just finished our best first quarter,” Egan told Yahoo Finance ahead of Berkshire Hathaway’s annual meeting in 2021. Yahoo Finance.
Egan, who took over See’s Candies in the spring of 2019 and is the third CEO in the company̵
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Since the coronavirus pandemic hit the United States in March last year, See closed all 245 stores in a matter of days and soon closed its e-commerce center in Southern California.
“So from that point on, what we did was just say, ‘We’re not going to reopen stores or reopen our factories until we can create a safe work environment for all our employees.’ It took a while and while we recovered at the end of the summer, we saw customers coming back. But for that period of time, it was pretty rough, “Egan added.
Amid a pandemic blockage and home stay orders, See’s Candies’ e-commerce business grew by about 70% of the total number of shipments delivered last year. Moreover, even when stores reopen, online sales remain stable.
“[What] you can expect this to happen when stores reopen [e-commerce] there will be little left. It is not. Our first quarter grew by almost 160% compared to the first quarter of last year. ”
Egan noted that store traffic has gradually increased, but the company is “almost 100%”.
“But our e-commerce, which has more than doubled, has actually remained at that level and we are good that it is not returning to Earth. This creates various operational challenges, but we have definitely expanded our customer base,” Egan added.
Julia La Roche is a correspondent for Yahoo Finance. Follow her Twitter.
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