The grilling boom during the pandemic is starting to slow as consumers deal with rising food costs, but industry execs bet outdoor cooking is here to stay.
, with both Traeger and Weber going public last year. Plans for several SPAC deals were also announced, ranging from griddle maker Blackstone to barbecue and outdoor living e-commerce platform BBQGuys.
Weber reported that its 2022 second-quarter sales dropped 7% year-over-year to $607 million. On a May 15 earnings call with analysts, CEO Chris Scherzinger said the industry"has seen a significant drop off in year-over-year point of sale data, with sharply reduced shopper traffic" since March. Traeger Pellet Grills has similarly seen sluggish sales, reporting a 5% year-over-year decline in its first quarter of 2022. Both company stocks have struggled as a result, with Traeger down more than 60% and Weber down more than 40% year-to-date, compared to a roughly 20% decline for the S&P 500.
"You look across categories and it's very different," he said."You look at health and fitness, and Peloton for example – that gave rise to a category that is going to survive, but it's also clear that when consumers had the ability to go back to a gym they did."
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