欧洲食品零售回顾：咖啡销量

t (+2.1%), frozen fish (+1.5%), cereal Scott Marks * IEquity Analyst+1 (212) 778-8007 I smarks1@jefferies.comNatasha Baker * I Equity Associate+1 (212) 778-8278 I nbaker@jefferies.com Company Trend OverviewFigure 1 - Company Trends by CategorySALES GROWTH (Y/Y)LAW..L4W2YStacked A6/15/252YStackedL4W vs.P4WDANONEYOGURT0.9%0.2%45 bpsFERREROCHOCOLATE(3.3%)11.9%651 bpsSWEET BISCUITS5.9%23.4%1.663 bpsGENERAL MILLSICECREAM16.8%(6.7%)(1,335 bps)KELLANOVACEREAL(4.1%)(8.0%)SAVORY SNACKS(3.6%)(10.1%)462 bpsLINDT & SPRUENGLICHOCOLATE10.4%32.9%259 bpsMARSCHOCOLATE4.8%24.0%1,634 bpsICE CREAM14.6%(1.7%)(5,412 bps)MONDELEZ13.4%19.7%sdq Lt6SWEET BISCUITS11.7%7.2%1,145 bpsICE CREAM(4.3%)(26.0%)(4,752 bps)SAVORY SNACKS3.0%(0.1%)1,144bpsCOFFEE (JDE)14.2%15.5%783 bpsSource: Jefferies Research, NielsenQPlease see important disclosure information on pages 25 - 29 of this reportThis report is intended for Jefferies clients only. Unauthorized distribution is prohibited JefferiesFigure 2 - Company Trends by Category (Continued)L4W6/15/25NESTLECHOCOLATE(% IL)COFFEE(0.3%)ICE CREAM17.5%CEREAL(2.8%)YOGURT2.3%NOMAD FOODSFROZEN FISH(%8"L)FROZEN MEAT0.2%PEPSICOSAVORY SNACKS(%5'L)CEREAL2.6%POSTCEREAL(2.5%)UNILEVERICECREAM16.0%PRIVATE LABELCEREAL0.1%CHOCOLATE17.7%COFFEE32.3%FROZEN FISH2.6%FROZEN MEAT0.6%ICE CREAM14.3%SAVORY SNACKS(%1)SWEET BISCUITS(0.8%)YOGURT10.5%Source: Jefferies Research, NielsenlQPlease see important disclosure information on pages 25 - 29 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited JefferiesFigure 4 -Cereal -Total Western EuropeCereal:Sales,Volume,PriceGrowth (Y/Y)/ 6/16/247/14/248/11/247Z/80/6Source: Jefferies Research, NielsenlQFigure 6 - Coffee - Total Western EuropeCoffee: Sales, Volume, Price Growth (Y/Y)25%20%15%10%5%0%(5%)(10%)4W 6/16/248/11/2419/08/24Source: Jefferies Research, NielsenlQFigure 8 - Frozen Meat - Total Western EuropeFrozen Meat: Sales, Volume, Price Growth (Y/Y)25%20%15%5%0%(5%)(%0 L)16/247/14/246Please see important disclosure information on pages 25 - 29 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited JefferiesFigure10 - Savory Snacks -Total Western EuropeSavory Snacks: Sales, Volume, Price Growth (Y/M)%025%20%15%(5%)(%0 L)6/16/247/14/248/1Source: Jefferies Research, NielsenlQFigure 12 - Yogurt - Total Western EuropeYogurt: Sales, Volume, Price Growth (Y/M)25%20%15%10%5%0%(5%)/ 6/16/247/14/248/11/249/08/24Source: Jefferies Research, NielsenlQPlease see important disclosure information on pages 25 - 29 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited JefferiesFigure 14 - Cereal - Top Players Sales GrowthSales Growth: Category vs. Top Players6%(10%)(12%)3/24/244/21/245/19/246/16/24MtCEREALSWK KELLOGG/KELLANOVAPOSTSource: Jefferies Research, NielsenlQFigure 16 - Cereal - Top Players Average Price GrowthPrice per Volume Growth: Category vs. Top Players3/24/244/21/245/19/246/16/24CEREALSWK KELLOGG/KELLANOVAPOSTSource: Jefferies Research, NielsenlQFigure 18 - Cereal - Top Players Promotional Activity1,000 bps500 bps0 bps(500 bps)(1,000 bps)(1,500 bps)(2,000 bps)(2,500 bps)(3,000 bps)(3,500 bps)4W 3/24/244W4/21/244W 5/19/24CEREALSWK KELLOGG/KELLANOVAPOSTSource: Jefferies Research, NielsenIQPlease see important disclosure information on pages 25 - 29 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited JefferiesFigure 21 - Chocolate - Top Players Sales GrowthSales Growth: Category vs. Top Players80%60%40%20%0%(20%)(40%)(60%)CHOCOLATEMONDELEZurce: Jefferies Research, NielsenlQFigure 23 - Chocolate - Top Players Average Price GrowthPrice per Volume Growth: Category vs. Top Players50%40%30%20%10%0%(10%)(20%)CHOCOLATE- MONDELEZSource: Jefferies Research, NielsenlQFigure 25 - Chocolate -Top Players Promotional Activity1,500 bps1,000 bps500 bps0 bps(500 bps)(1,000 bps)(1,500 bps)4W 6/18/234W 8/13/2310/08/23CHOCOLATEMONDELEZSource: Jefferies Resch, NielsenlQPlease see important disclosure information on pages 25 - 29 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited JefferiesFigure 28 - Coffee - Top Players Sales GrowthSales Growth: Category vs. Top Players40%%0E20%10%0%(10%)(20%)3/24/245/19/244/21MCOFFEE FRESHJACOBS DOUWE EGBERTSNESTLESource: Jefferies Research, NielsenlQFigure 30 - Coffee - Top Players Average Price GrowthPrice per Volume Growth: Category vs. Top Players40%%020%10%0%(10%)(20%)5/19/244/21,COFFEE FRESHJACOBS DOUWE EGBERTSNESTLESource: Jefferies Research, NielsenlQFigure 32 - Coffee - Top Players Promotional Activity1,000 bps800 bps600 bps400 bps200 bpsO bps(200 bps)(400 bps)(600 bps)(800 bps)(1,000 bps)4/21/245/19/24COFFEE FRESHJACOBS DOUWE EGBERTSNESTLESource: Jefferies Research, NielsenlQPlease see important disclosure information on pages 25 - 29 of this report.This report is intended for Jefferie