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OFFON

IROBOT CORPORATION

(IRBT)
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The pandemic shopping list: Dolls, detergent and campers

10/23/2020 | 09:03pm EDT
Tide detergent, a Procter & Gamble product, is displayed on a shelf at a store in Tempe

(Reuters) - Consumers have been snapping up everything from disinfectant wipes and robot vacuum cleaners to Barbie dolls and motorhomes over the last few months as the COVID-19 pandemic drags on and radically changes shopping habits.

Quarterly results from consumer products giants Procter & Gamble Co and Reckitt Benkiser this week showed demand for cleaning products, detergents and soaps remained robust, helping the companies beat sales expectations and lift their annual forecasts.

While consumers have been scrambling to get their hands on anything that could potentially slow the spread of the new coronavirus, they have also been spending on items that make living in the pandemic more manageable and comfortable.

iRobot Corp, the maker of Roomba autonomous vacuum cleaners, reported a 43% surge in quarterly revenue this week.

"Customers are prioritizing essentials that address safety and hygiene, as well as purchases that enhance life at home," Daniel Binder, partner at Columbus Consulting, said.

Shoppers are also buying more toys to keep their children entertained. Mattel Inc Barbie dolls raked in over half-a-billion dollars in sales in the third quarter - the brand's highest quarterly sales since 2003.

Americans eager to travel, but wary of hotels, restaurants and airplanes, are also spending on motorhomes. Recreational vehicle maker Winnebago Industries saw its revenue jump nearly 40% in the June-August quarter.

Mattel and P&G still expect demand growth in the holiday season, but concerns remain over the state of the U.S. economy and if Congress can pass another round of fiscal stimulus.

"Shoppers have been funding big-ticket purchases such as robot vacuums, home appliances and recreational homes with their vacation and entertainment budgets," said Amar Singh, principal analyst at Kantar Consulting.

"However, these purchases will likely decline over the winter after government stimulus funds dries up and with the jobless rate still very high."

(Reporting by Uday Sampath in Bengaluru; Editing by Sweta Singh, Bernard Orr)


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
IROBOT CORPORATION 2.33% 94.34 Delayed Quote.14.82%
MATTEL, INC. 1.12% 19.86 Delayed Quote.12.55%
RECKITT BENCKISER GROUP PLC -0.34% 6443 Delayed Quote.-1.18%
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Financials (USD)
Sales 2021 1 682 M - -
Net income 2021 61,1 M - -
Net cash 2021 685 M - -
P/E ratio 2021 44,5x
Yield 2021 -
Capitalization 2 590 M 2 590 M -
EV / Sales 2021 1,13x
EV / Sales 2022 0,95x
Nbr of Employees 1 267
Free-Float 98,1%
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Technical analysis trends IROBOT CORPORATION
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Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 7
Last Close Price 92,19 $
Average target price 124,75 $
Spread / Average Target 35,3%
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Managers and Directors
NameTitle
Colin M. Angle Chairman & Chief Executive Officer
Julie Zeiler Chief Financial Officer & Executive Vice President
Chris Jones Chief Technology Officer
Faris Habbaba EVP, Chief Research & Development Officer
Deborah G. Ellinger Independent Director
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