New York (CNN Business) US drug stores, retailers and suppliers are racing to keep up with surging interest for cleaning products as fears over coronavirus intensify.
Demand for products like hand sanitizers, face masks and cleaning wipes has spiked, according to CVS, Walgreens and others. CVS warned it may cause supply shortages.
“This demand may cause temporary shortages at some store locations and we re-supply those stores as quickly as possible,” a spokesperson for CVS said.
Bath & Body Works, owned by L Brands (LB), said Thursday that its hand sanitizer business was growing in the wake of coronavirus.
“The hand sanitizer business is about 5% of the total business. It is presently growing at a very high rate for reasons we would all understand,” L Brands chief financial officer Stuart Burgdoerfer said on a call with analysts.
Meanwhile, cleaning goods companies are stepping up production to meet demand.
“We are taking up inventory levels [to] be prepared for the potential increase in demand for some of our bleach products,” Clorox chief financial officer Kevin Jacobsen said on a call with analysts earlier this month. Clorox is one of four S&P 500 stocks to rise this week as the rest of the market has plunged.
