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Weber CEO Chris Scherzinger told CNBC on Wednesday that the company’s new portable gas grill has been on a “rock star debut” since its launch earlier this year, predicting more commercial successes this fall as the Football hatches and other gatherings resume.
“It’s perfect for tailgating. It’s perfect for camping. You can think of it as a post-pandemic type of game, because it’s about people coming back to the parking lots outside the stadiums and go to campsites and get together with groups, ”Scherzinger said. in an interview with Jim Cramer on “Mad Money”.
The grill, officially named Weber Traveler, sells for $ 325 on the company’s website. Its feet collapse allowing easier storage in the trunk of a car, for example.
Online reviews for the Traveler Grill have been “stellar,” Scherzinger added. “We’re barely keeping up with demand, and it should be a big game for the fall here.”
Scherzinger’s comments come after Weber released its first quarterly results as a state-owned company, following its IPO on August 5. Third-quarter revenue increased 19% year-over-year to $ 669 million. Weber also forecast a 28-29 percent increase in full-year sales. Weber shares rose more than 7% in Wednesday’s session.
In general, Scherzinger said he was optimistic about the future of the company and the grill industry for several reasons. The first is that 40 million millennials will turn 35 in the next decade, he said, and it is around this age that people often buy their first homes and, in turn, become interested. with the purchase of a grill.
A second reason is that, for many people, the flexible working policies of the Covid era will survive the pandemic. Scherzinger said Weber is benefiting from it, even though it’s in hybrid form with employees spending a few days in the office and a few days working from home.
“Even if you add a Friday at home to the mix, you’ve now increased your weeknights for grilling by 50% from where we were before the pandemic, so there are plenty of leads for the whole crowd. category, ”he said.
Weber’s stock closed at $ 14.93 per share on Wednesday. It valued the shares at $ 14 apiece when it went public in August and ended its first day of trading at $ 16.50.
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