美国食品尼尔森最新报告：四周销售额下降1.6%，较上一个四周的增长1.2%环比下降

U.S. Food Nielsen Update: 4W sales fell -1.6%, decliningsequentially from +1.2% in the last quadweek This report highlights private label and branded sales growth and share trends in U.S. Nielsentracked channels (including convenience stores) for the 13 U.S. packaged food names in ourcoverage. Alexia Howard+1 917 344 8453alexia.howard@bernsteinsg.com On average, U.S. packaged food sales in measured channels declined -1.6% YoY inthe 4 weeks ending May 17, 2025(excluding SMPL and BYND), below the last 12 weeks(-1.0%). On average in the latest 4 weeks, price growth was -0.0% and volume growth was-1.6%. Market share decreased by -0.3% and total distribution points increased by +0.7%. Cinnie Lin+1 917 344 8567cinnie.lin@bernsteinsg.com Hazel Wang+1 917 344 8346hazel.wang@bernsteinsg.com Within our U.S. Food coverage sales results were strongest for HSY(+10.5%),followed by MKC (+2.0%), SJM (+1.0%), TSN (+0.6%), SMPL (-3.2%), CPB (-4.0%), MDLZ(-4.1%), KHC (-4.9%), CAG (-4.9%), GIS (-5.8%), K (-6.8%), and BYND (-18.2%) (Exhibit 2). For the 4 weeks, CAG saw a sales decline of -4.9%, driven down by Frozen Entrées (-9.5%)and Sauces & Spreads (-8.0%). CPB sales declined -4.0%, driven down by Snacks (-6.5%)and Crackers (-8.7%). GIS sales declined -5.8%, driven down by Pet Treats (-16.2%),Cereal Bars (-15.3%), and Frozen Pizza (-12.8%). K sales fell -6.8%, driven down by ToasterPastries (-13.3%), Potato Chips (-7.4%), and Crackers (-5.8%). KHC sales fell -4.9%, drivendown by Combination Snacks & Lunches (-9.0%) and Lunchmeat (-15.4%). MDLZ saleswere down -4.1%, driven down by Cookies (-5.1%) and Crackers (-4.4%). In the quadweek, MKC saw sales growth of +2.0%, driven up by Extracts (+8.6%) andHerbs & Spices (+8.8%). SJM sales were up +1.0%, driven by Ground Coffee ex-SingleServe (+15.2%) and Frozen Sandwiches (+16.5%). HSY sales increased +10.5% thisquadweek, driven up by Chocolate Candy (+14.5%) and Non-Chocolate Candy (+10.5%).TSN sales increased +0.6%, driven down by Lunchmeat (-3.4%) and Processed Meat(-2.4%). BERNSTEIN TICKER TABLE INVESTMENT IMPLICATIONS We rate Mondelez, Simply Good Foods, McCormick, Tyson, Campbell Soup Outperform. We rate Beyond Meat, Kellanova, KraftHeinz, Smucker's, Hershey, General Mills, Lamb Weston, and Conagra Market-Perform. DETAILS EXHIBIT 1:On average, U.S. packaged food sales in measured channels were down -1.0% in the last 12 weeks. Source: NielsenIQ, Bernstein analysis. Straight average across CAG, CPB, GIS, HSY, K, KHC, MDLZ, MKC, TSN, and SJMexcludes SMPL, LW, and BYND. EXHIBIT 4:Private Label's total market share was 21.0% for the latest 12 weeks. EXHIBIT 5:Private Label average market share was 12.9% for the categories in which the 13 major packaged Foodcompanies compete. Source: NielsenIQ, Bernstein analysisNote: Peet’s Coffee includes JAB’s other minor brand Caribou Source: NielsenIQ, Bernstein analysis Source: NielsenIQ, Bernstein analysis Source: NielsenIQ, Bernstein analysis Source: NielsenIQ, Bernstein analysis Source: NielsenIQ, Bernstein analysis Source: NielsenIQ, Bernstein analysis Source: NielsenIQ, Bernstein analysis Source: NielsenIQ, Bernstein analysis Source: NielsenIQ, Bernstein analysis Source: NielsenIQ, Bernstein analysis Source: NielsenIQ, Bernstein analysis Source: NielsenIQ, Bernstein analysis Source: NielsenIQ, Bernstein analysis Source: NielsenIQ, Bernstein analysis Source: NielsenIQ, Bernstein analysis Source: NielsenIQ, Bernstein analysis Source: NielsenIQ, Bernstein analysis Source: NielsenIQ, Bernstein analysis Source: NielsenIQ, Bernstein analysis Source: NielsenIQ, Bernstein analysis Source: NielsenIQ, Bernstein analysis Source: NielsenIQ, Bernstein analysis Source: NielsenIQ, Bernstein analysis and estimates I. REQUIRED DISCLOSURES References to "Bernstein" or the “Firm” in these disclosures relate to the following entities: Bernstein Institutional Services LLC(April 1, 2024 onwards), Sanford C. Bernstein & Co., LLC (pre April 1, 2024), Bernstein Autonomous LLP, BSG France S.A. (April 1,2024 onwards), Sanford C. Bernstein (Hong Kong) Limited盛博香港有限公司,Sanford C. Bernstein (Canada) Limited, SanfordC. Bernstein (India) Private Limited (SEBI registration no. INH000006378), Sanford C. Bernstein (Singapore) Private Limited andSanford C. Bernstein Japan KK(サンフォード・C・バーンスタイン株式会社). On April 1, 2024, Société Générale (SG) and AllianceBernstein, L.P. (AB) completed a transaction that created a new joint venturein which their respective cash equities and research businesses operate in a new business combination. Although their respectiveownership percentages in the joint venture differ between North America and the rest of the world, the creation, production andpublication of research is handled collaboratively on a global basis across the two research brands, “Bernstein” and “Autonomous”.Unless specifically noted otherwise, for purposes of these disclosures, references to Bernstein’s “affiliates” relate to both SG andAB