Investment Rating - Industry view is rated as "In-Line" [6] - Specific company view is rated as "Attractive" [15] Core Insights - Demand for Temu continues to decline, with household purchases at a record low and purchase expectations trailing competitors [2][4] - The removal of the de minimis exemption and high China tariff rates have significantly impacted engagement with Temu [2] - Dollar Stores are expected to benefit from Temu's market share loss, with a hypothetical 30% decline in US sales potentially representing ~$5 billion in market share being transferred to Dollar Stores and other retailers [2] - Temu's US GMV is projected to compound over the next several years, reaching approximately $39 billion by 2030, with profitability expected in 2025 [2] Summary by Sections Consumer Survey Data - Approximately 18% of respondents reported shopping on Temu in the past three months, marking a record low since the survey began in September 2023 [4][9] - Net purchase frequency expectations for Temu are at -25% in June 2025, the lowest among tracked retailers [12] - Web traffic and visitor trends for Temu have shown a significant drop, with traffic down 81% and visitors down 78% compared to March [16] App Performance - Temu app downloads and monthly active users (MAUs) have continued to decline, with downloads down 85% year-over-year and MAUs at approximately 49% of peak levels [17][20] Competitive Landscape - Shopper overlap ratios for Dollar Stores have declined, indicating that Temu's competitive threat is waning [21] - BURL and TJX have seen increases in customer overlap with Temu, while ROST has experienced a decline, suggesting a shift in market dynamics [24][27]

US President Donald Trump and Tesla CEO Elon Musk, alongside Musk's son X Æ A-Xii, speak to the press as they stand next to a Tesla vehicle on the South Portico of the White House on March 11, 2025 in Washington, DC. Tesla shares popped 5% after CEO Elon Musk suggested that he will spend more time at the company and tariff optimism from the White House lifted broader investor sentiment. Shares were initially flat postmarket, jumping on tariff optimism after President Donald Trump signaled that duties on Chi ...