Core Insights - India has evolved its approach to free trade agreements (FTAs), moving from a cautious stance to a more flexible and confident negotiation strategy, particularly in sensitive sectors like agriculture and manufacturing [1][7][10] Trade Agreements and Concessions - The initial duty concessions under early FTAs led to increased imports by companies like Honda and Sony, raising concerns about the impact on domestic manufacturing [1] - The government has been careful in its tariff policies, particularly avoiding cuts in sensitive sectors such as wine, spirits, and automobiles to protect local industries [2][12] - A notable shift occurred with the interim trade agreement with Australia in 2022, where India showed willingness to lower tariffs on wine above a certain price threshold while providing technical support to domestic producers [3][12] - Subsequent agreements expanded the scope of concessions, including products like chocolates and watches in the pact with the European Free Trade Association (EFTA), which also included a commitment of $100 billion in foreign direct investment [6][12] - By the time of the agreement with the European Union, the list of protected items had significantly decreased, with negotiators more open to trade-offs, reflecting increased confidence [7][12] Specific Trade Conditions - Tariff cuts on French and Spanish wines were exchanged for limited access to European markets for Indian grapes, with strict conditions on imports of pears and apples, including volume caps and a minimum import price [8][12] - The government tailored concessions based on market opportunities, declining duty concessions for British electric vehicles but allowing limited imports under the EU deal [9][12] Engagement on New Issues - India's evolving approach includes engagement on "new issues" in modern FTAs, such as intellectual property rights, digital trade, and environmental concerns, while ensuring these do not exceed existing international obligations [10][12]

Core Insights - India has evolved its approach to Free Trade Agreements (FTAs), moving from cautious duty concessions to more strategic trade-offs that include sensitive sectors and investment commitments [2][4][5] Group 1: Trade Agreements and Tariff Adjustments - The Indian government initially refrained from cutting duties on sensitive sectors like wine, spirits, and automobiles to protect domestic manufacturing and agriculture [2][4] - An interim deal with Australia in 2022 marked a shift, allowing for lower tariffs on wine above a specified value while providing technical support to local producers [2][4] - The European Free Trade Association (EFTA) agreement included new products like chocolates and watches, and promised a fresh Foreign Direct Investment (FDI) of $100 billion [3][4] Group 2: Negotiation Strategies and Trade-offs - Indian negotiators have learned to make trade-offs, such as reducing duties on French or Spanish wine in exchange for limited grape imports from Europe [3][4] - The government has allowed limited quantities of pears and apples with a minimum import price to ensure that the landed cost does not fall below Rs 96 per kg [5] - The approach to FTAs has evolved to include "new issues" like intellectual property rights, digital trade, and labor, while maintaining commitments aligned with international standards [5]

Core Insights - The Hershey Company, based in Pennsylvania, has a market capitalization of $38.8 billion and operates in the confectionery and pantry items sectors both domestically and internationally [1][2]. Financial Performance - Hershey's stock has decreased by 12.1% from its 52-week high of $208.03 reached on December 9, 2024, and has seen a 1.6% decline over the past three months, slightly outperforming the Consumer Staples Select Sector SPDR Fund's (XLP) 2.3% drop during the same period [3]. - Year-to-date, Hershey's stock has gained 7.9% and 2.8% over the past 52 weeks, compared to XLP's marginal increase of 20 basis points in 2025 and a 5.2% decline over the past year [4]. - Following the release of Q3 results on October 30, despite better-than-expected performance, Hershey's stock fell by 2.4%. The company reported a 6.2% increase in organic constant currency sales year-over-year and a 6.5% rise in overall topline revenue to $3.2 billion, exceeding expectations by 1.8% [5]. - Adjusted EPS decreased by 44.4% year-over-year to $1.30 but surpassed consensus estimates by 19.3% [5]. - Hershey's performance has outpaced that of its peer, Mondelez International, which experienced a 6.3% drop year-to-date and a 14.2% decline over the past year [6].

Core Insights - Mondelez International, Inc. is expected to report a significant decline in adjusted profit for Q3, with an anticipated EPS of $0.73, down 26.3% year-over-year from $0.99 [2] - The company has a mixed earnings surprise history, having surpassed bottom-line estimates three times in the past four quarters but missing once [2] - For the full fiscal year 2025, adjusted EPS is projected to be $3.02, a decrease of 10.1% from $3.36 in 2024, with a rebound expected in fiscal 2026 to $3.31, reflecting a 9.6% year-over-year increase [3] Stock Performance - Mondelez's stock has declined 14.3% over the past 52 weeks, underperforming compared to the Consumer Staples Select Sector SPDR Fund's 4.6% decline and the S&P 500 Index's 13.5% gain [4] - Following the release of better-than-expected Q2 results, Mondelez's stock dropped 6.6% in the subsequent trading session and continued to show negative momentum for five more sessions [5] Revenue and Market Performance - The company reported a notable 7.7% year-over-year revenue growth, reaching nearly $9 billion, which was 1.2% above market expectations, driven by strong performance in Europe, Asia, the Middle East, and Africa [5] - However, sales in North American and Latin American markets have been on a downward trend [5] Cost Pressures - Rising raw material costs have contributed to a 12% year-over-year drop in adjusted EPS to $0.73, although this figure exceeded consensus estimates by 7.4% [6] - The company's outlook remains dim due to pressures from increasing cocoa prices, despite solid performance in Q2 [6]

Core Insights - NRSInsights reported a year-over-year increase in same-store sales of 2.3% for March 2025, down from a 3.5% increase in February 2025 [6][12] - The NRS retail network includes approximately 35,200 active terminals across 30,700 independent retailers, primarily serving urban consumers [2][18] Sales Performance - Same-store sales increased by 5.3% compared to February 2025, which had a 6.1% increase from January 2025 [7] - For the three months ending March 31, 2025, same-store sales rose by 2.9% compared to the same period last year [7] - Units sold increased by 2.4% year-over-year, with a 4.9% increase compared to February 2025 [7] - Average prices for the top 500 items purchased rose by 2.1% year-over-year, slightly lower than the 2.3% increase in February 2025 [7] Transaction Metrics - Baskets (transactions) per store increased by 0.2% year-over-year and by 6.2% compared to February 2025 [7] - The NRS network processed $2.0 billion in sales during March 2025, representing a 16% year-over-year increase [18] Category Performance - Strong sales were noted in categories such as Energy Beverages, Soft Drinks, and Modern Oral Smokeless Tobacco, while Chocolates and Gum also showed positive growth [12][13] - Categories with decreased sales included Beer, Whiskey, and Salty Snacks, with notable declines in Tortilla Chips and Potato Chips [14] Comparative Analysis - Over the past twelve months, the NRS network's three-month moving average same-store sales outperformed the U.S. Commerce Department's data by an average of 0.8% [10] - In March, the U.S. Commerce Department's three-month rolling average increase exceeded that of the NRS network by 0.8% [10]

Core Insights - NRSInsights reported a year-over-year increase in same-store sales of 2.3% for March 2025, a decrease from the 3.5% increase in February 2025 [6][11] - The NRS retail network includes approximately 35,200 active terminals across 30,700 independent retailers, primarily serving urban consumers [2][17] - The data indicates a general cooling of inflationary pressures, with dollar sales increases being geographically widespread [11] Sales Performance - Same-store sales increased 5.3% compared to February 2025, while units sold increased 2.4% year-over-year [6][7] - For the three months ending March 31, 2025, same-store sales rose 2.9% compared to the same period last year [7][16] - Average prices for the top 500 items purchased increased by 2.1% year-over-year, slightly lower than the 2.3% increase in February 2025 [6][12] Transaction Metrics - Units sold increased by 4.9% compared to February 2025, while baskets (transactions) per store increased by 0.2% year-over-year [7][12] - Baskets per store saw a significant increase of 6.2% compared to the previous month [7][12] Category Performance - Strong sales were noted in categories such as Energy Beverages, Soft Drinks, and Modern Oral Smokeless Tobacco, while Chocolates also performed well [11][12] - Categories experiencing decreased sales included Beer, Whiskey, and various snacks, with notable exceptions like Tequila showing gains [12][13] Comparative Data - Over the past twelve months, the NRS network's three-month moving average same-store sales outpaced the U.S. Commerce Department's data by an average of 0.8% [9] - In March, the U.S. Commerce Department's three-month rolling average increase exceeded that of the NRS network by 0.8% [9] Transaction Volume - In March 2025, NRS' POS terminals processed $2.0 billion in sales, representing a 16% year-over-year increase across 134 million transactions [17]