McCormick’s (MKC) - Get McCormick & Company Incorporated Report Old Bay seasoning segment got a boost Wednesday after the company’s new, limited edition hot sauce product sold out less than an hour after its launch.
The company launched sales on its website around 11:15 AM ET and the hot sauce sold out just around noon. The website also crashed shortly after the launch of the hot sauce.
Old Bay said that it would restock the popular hot sauce once it can.
“Your [love] for all things OLD BAY may have broken the internet. Thanks for always being ready to try something new. SOLD OUT, but RESTOCKING. Please stay tuned!,” the company tweeted out Wednesday.
"I think Old Bay is an American institution and I would buy anything from them. Hot sauce, shoes, car insurance, anything," Trey Smith of Vice.com told TheStreet. "I'm kind of surprised wasn't available before. Haven't got the chance to try it yet but if it tastes as good as the rest of their line up does I hope it sticks around for a long time."
Shares of the parent company were rising Wednesday after the company reported strong fourth-quarter financials.
The Hunt Valley, Maryland-based company reported a 1% increase in sales but earnings decreased to $1.61 from $1.67 per share.
Cash flow from operations grew 15% on year to a record of $947 million in 2019 while the company increased its quarterly dividend by 9% in November, marking 34 consecutive years of a dividend increase.
“The solid financial performance we delivered in 2019 was driven by our branded base business and new product growth in both of our segments, providing us with solid momentum heading into 2020. We are continuing to capitalize on the global and growing consumer interests in healthy, flavorful eating, the source and quality of ingredients, and sustainable practices,” said CEO Lawrence Kurzius.
McCormick shares were rising 1.3% to $168.31 Wednesday afternoon and the stock is up nearly 40% over the past 12 months.