Oriental Trading Company CEO on consumer demand and investments in AI

Summary

Steve Mendlik, CEO of Oriental Trading Company, discusses consumer demand trends, investment in an AI shopping assistant, and the impact of tariffs with CNBC's Becky Quick ahead of Berkshire Hathaway's annual meeting. He notes a slight softening in demand but attributes it to seasonal transitions, expresses optimism about patriotic products, and describes tariff stability at 10% as manageable. The company has filed for tariff rebates and is in the planning phase for an AI tool to streamline event planning.

• Consumer demand has seen a slight change over the last month, partly due to seasonal transition after Easter.
• Patriotic products are performing well ahead of Memorial Day, July 4th, and the 250th anniversary.
• The company is investing in an AI shopping assistant to reduce event planning time from an hour to 5-10 minutes.
• The AI assistant is still in the planning phase but expected to roll out quickly.
• Tariffs are currently at a stable 10%, which is more manageable than higher rates seen previously.
• The company has filed for tariff rebates and expects results within 45-60 days.
• Licensed brands like Peanuts, Snoopy, Sesame Street, and Dogman are performing well.
• The company is focused on its core brands including Mindwear, Quirkle, and Smile Makers.