Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies Core Insights - Recent sales growth trends for non-alcoholic beverages have decelerated slightly, with overall dollar sales growth up +3.4% year-over-year for the two weeks ending May 17, 2025, compared to previous periods [1] - Pricing growth has softened to +2.7%, while volume growth remains stable at +0.7% year-over-year [1] - Energy drinks continue to show strong sales growth at +8.3% year-over-year, although this is a slight deceleration from previous periods [7] Summary by Category Carbonated Soft Drinks (CSDs) - Dollar sales growth in CSDs was up approximately +LSD% and stable sequentially, with pricing growth slightly stronger but offset by weaker volumes [2] - Coca-Cola Company and Pepsico Inc reported dollar sales growth of +2.7% and +0.3% respectively, with volume declines [9] Bottled Water - Dollar sales trends in bottled water were stable sequentially, with growth around +LSD% and stable pricing and volume growth [2] Energy Drinks - The energy drink category saw dollar sales growth of +8.3% year-over-year, with volume growth at +6.7% [7] - Monster Energy Co. (excluding Bang) reported dollar sales growth of +9.5% year-over-year, driven by stable volume growth [7] Salty Snacks - Dollar sales trends for salty snacks modestly accelerated to -0.9% year-over-year, with volume growth at -2.1% [8] - Pepsico Inc's salty snack sales growth was down -3.3% year-over-year [8] Specific Company Trends - PEP's dollar sales growth modestly accelerated sequentially, while MNST (excluding Bang) showed strong and stable growth at +HSD% [3] - KO's dollar sales growth remained stable at +MSD%, with stable volumes and pricing growth [3] - KDP's dollar sales growth was stable at +LSD%, with stronger pricing growth offset by softer volumes [3]

Investment Rating - The report indicates a moderate growth in total store sales, with a rating of low single-digit growth (LSD) for the latest quad-week [1]. Core Insights - Total store sales increased by 2% in the latest quad-week, driven primarily by the Dairy category, while Frozen and Alcohol categories experienced declines [1]. - The report highlights a mixed performance in the Beverages sector, with non-alcoholic categories showing stable trends for carbonated soft drinks (CSDs), sparkling water, and sports drinks, while ready-to-drink (RTD) tea and coffee saw accelerated sales growth [2]. - In the Tobacco sector, sales growth trends remained stable for the overall cigarette category, although specific companies like IMB experienced a deceleration in growth [3]. Summary by Category HPC (Household and Personal Care) - HPC sales growth improved to 2.0% from 1.5% in the previous month, primarily driven by higher pricing, despite lower volume growth [10]. - KMB continued to show robust sales growth, while PG and CL experienced slight moderation in growth [10]. - KVUE and CHD saw improvements in sales growth, with KVUE benefiting from higher volume growth and CHD from improved volume trends [10]. Beverages - Non-alcoholic beverage sales trends were mixed, with stable trends for CSDs and sparkling water, while RTD tea and coffee saw accelerated growth [2]. - Alcoholic beverage sales trends modestly decelerated across all categories, with some companies like BF showing improved trends [2]. Tobacco - Overall sales growth in the cigarette category remained stable, but IMB saw a deceleration in growth trends [3]. Food - Sales in the Food category decelerated in the latest quad-week, contrasting with the growth seen in HPC [1]. Private Label - Private label's dollar share growth remained modest at the total store level, with slight fluctuations across various categories [9].