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Several major companies are putting purchasing limits on baby formula as the nationwide shortage of the product worsens.
In April, out-of-stock rates for baby formula products nationwide soared to 31%, according to data from Datasembly. During the first week of the month, Connecticut, Delaware, Montana, New Jersey, Rhode Island, Texas and Washington, had out-of-stock rates higher than 40%.
BABY FORMULA SHORTAGE HITS ‘CRISIS’ LEVEL, SPARKING PANIC IN PARENTS ACROSS US
CVS told FOX Business that the company is limiting the purchase of baby formula to three products per purchase in-store and online due to “supplier challenges and increased customer demand.”
Powdered milk and a baby bottle (HUIZENG HU via Getty Images / Getty Images)
“We’re continuing to work with our baby formula vendors to address this issue and we regret any inconvenience this causes our customers,” the company said in a statement.
Walgreens also said increased demand and various supplier challenges have led to infant and toddler formula constraints nationwide. Like CVS, the company told FOX Business that it has “put into effect purchase limits of three per transaction on all infant and toddler formula to help improve inventory.”
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The company also says its working “diligently” with supplier partners to try and meet customer demands.
Target also has some online product limitations in place as well. The Minneapolis-based retailer told FOX Business that it is closely monitoring the industrywide supply constraints and working to ensure the product is available.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AMZN | AMAZON.COM INC. | 2,177.18 | +1.40 | +0.06% |
| CVS | CVS HEALTH CORP. | 98.16 | -0.70 | -0.71% |
| WBA | WALGREENS BOOTS ALLIANCE INC. | 43.31 | -0.54 | -1.23% |
| TGT | TARGET CORP. | 219.11 | -5.09 | -2.27% |
Amazon also said it’s working with its selling partners “to get them [baby formula] back in stock as quickly as possible.”
Kroger declined FOX Business’ to comment. Walmart did not respond to FOX Business’ request for comment.
