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PepsiCo 2QFY24: Waiting on a Rebound

PepsiCo 2QFY24: Waiting on a Rebound

Pepsi reported that price-conscious U.S. consumers are looking for more value, and even higher-income consumers are skipping out on expensive restaurants & adjusting to more affordable places to eat or staying at home (creating their own entertainment moments or fun moments at home). While consumers are cautious, they are willing to spend when they see value & will compromise on their decisions.

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Levi Strauss & Co 2QFY24: Strong Sales Driven by Women’s Segment

Levi Strauss & Co 2QFY24: Strong Sales Driven by Women’s Segment

Levi’s global women’s business delivered +22% y/y growth during the quarter in its direct-to-consumer (DTC) channel (strategic focus). Management reported domestic market share gains, with growth in its women’s denim bottoms (#1 in the U.S.) & in its key youth target group of 18- to 30-year-olds, while maintaining its dominant leadership position in men’s.  

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American Outdoor Brands 4QFY24: +10% Sales Growth Driven by Shooting Sports & New Product Innovation

American Outdoor Brands 4QFY24: +10% Sales Growth Driven by Shooting Sports & New Product Innovation

American Outdoor Brands reported +3% growth in full-year FY24 shooting sports category sales (solutions for target shooting, aiming, safe storage, cleaning & maintenance as well as personal protection) despite a -5% decline in background checks helped by strong 4Q results. Sales also benefit from the company’s ability to clear out some slower-moving inventory in the personal protection category. 

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Lowe’s Investor Presentation

Lowe’s Investor Presentation

While 2Q24 weather challenges have pressured seasonal category sales, DIY continues to improve while appliance unit sales are beginning to rebound (particularly refrigerators & freezers) with less promotional activity expected during 2H24. The Pro category is expected to continue generating strong results & Lowe’s expects to deliver positive FY24 comps.

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Conagra 4QFY24: Overall Sales Decline Despite Frozen Meal Rebound

Conagra 4QFY24: Overall Sales Decline Despite Frozen Meal Rebound

Conagra reported that a significant boost in optimism is driving higher demand for frozen meals & convenience from consumers who had been previously focused on make-from-scratch value meals & leftovers. Notably, the company’s frozen meal business has enjoyed a +4% compound annual growth rate over the last 40 years, representing the strongest grocery category. However, its foodservice segment sales continue to struggle along with depressed restaurant traffic.  

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General Mills 4QFY24: Sales Fell -6% in a Tough Macro Environment

General Mills 4QFY24: Sales Fell -6% in a Tough Macro Environment

General Mills reported volume & sales weakness in its retail, international & pet segments with a +4% increase in its foodservice sales driven by growth in breads, cereal & frozen biscuits. Around 87% of its food is now consumed at home & its food-away-from-home mix is not soon expected to increase given a challenging macro environment. In any case, management reported that food inflation is declining.

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NIKE 4QFY24: Sales Struggles Aggravated by Investor Lawsuit Tanks NKE Shares

NIKE 4QFY24: Sales Struggles Aggravated by Investor Lawsuit Tanks NKE Shares

NIKE reported a cautious macro environment although new product releases are working well. 1QFY25 revenue is expected to decline -10% y/y, reflecting: aggressive actions in managing its classic footwear franchises; continuing NIKE Digital challenges; muted wholesale order books; and a softer outlook in Greater China. Notably, the company was hit with a class-action securities fraud lawsuit alleging that it misled investors.

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DICK’S Sporting Goods 1Q24: Strong Top-Line Results!

DICK’S Sporting Goods 1Q24: Strong Top-Line Results!

DICK’S Sporting Goods reported that its 1Q results through 5/4/24 demonstrated that the chain is the go-to destination for sport & sports culture, a positioning that benefits from a very strong product pipeline from its key brand partners & its vertical brand portfolio. Management raised its full-year FY24 outlook & now expects comp sales growth in the range of +2% to +3%.

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Walgreens Boots Alliance 3QFY24: Weakness in U.S. Retail & Pharmacy Segments

Walgreens Boots Alliance 3QFY24: Weakness in U.S. Retail & Pharmacy Segments

Walgreens used targeted promotions & markdowns to drive traffic from very price-conscious consumers during the quarter, pressuring its near-term profitability. Management expects FY24 retail comp sales to decline -3% y/y. The company also reported that it is finalizing a significant multiyear footprint optimization program to close certain underperforming U.S. stores.

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