Weber CEO Chris Scherzinger told CNBC on Wednesday that the company’s new portable gas grid started “star-studded” since its launch earlier this year, and predicted more sales success this year. fall as the back doors of football and other meetings will increase.
“It’s perfect for getting out of the queue. It’s perfect for camping. You could think of it as a kind of post-pandemic game because it’s about people going back to parking lots outside the stadiums and going to campsites and meeting with groups,” he said. dir Scherzinger. in an interview with Jim Cramer on “Mad Money.”
The grid, officially called Weber Traveler, sells for $ 325 on the company’s website. Its legs collapse, making it easier to store in the trunk of a car, for example.
The online reviews of the Traveler grid have been “stellar,” Scherzinger added. “We’re just following the demand and that should be a big move for the fall.”
Scherzinger’s comments come after Weber published its first quarterly results as a public company, following its IPO on 5 August. Third-quarter tax revenue rose 19% year-over-year to $ 669 million. Weber also projected that full-year sales would increase by 28% to 29%, respectively. Weber shares rose more than 7% in Wednesday’s session.
Overall, Scherzinger said he was optimistic about the future of the company and the charcoal industry for some reason. One is that 40 million millennials will turn 35 in the next decade, he said, and around that age is when people often buy their first home and, in turn, are interested in buying a grill.
A second reason is that, for many people, the flexible labor policies of the Covid era will overcome the pandemic. Scherzinger said Weber benefits from it, albeit in hybrid form, as employees spend a few days in the office and a few days working from home.
“Even if you add a Friday home to the mix, you’ve now increased the weekly nights to grill 50% off where we were pre-pandemics, so there’s a lot of clue for the whole category.” , he said.
Weber shares closed Wednesday at $ 14.93 per share. It traded shares at $ 14 a piece on its August IPO and ended its first trading day at $ 16.50.