Butter Hoarding Boosts Profit of Maker of Lurpak
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Arla Foods amba, one of Europe’s top milk producers, reported a 34% jump in profit in the first half of the year as consumers stockpiled products including butter in the midst of the Covid-19 crisis.
The pandemic sparked increased dairy consumption in homes, which helped offset declines in the food service sector, according to Arla’s chief executive officer, Peder Tuborgh. For example, in the U.K., demand for the company’s Lurpak butter brand jumped more than 20%.