Jefferies食品研究综述：Snap Crackle, and Bought

us of non-US analysts on pages 8 - 12 of this report. Scott Marks * IEquity Analyst+1 (212) 778-8007 I smarks1@jefferies.conNatasha Baker * IEquity Associate+1 (212) 778-8278 I nbaker@jefferies.com JefferiesRecent ResearchCAG: Inflation and Investment Needs to Bring Margin Reset in F26Jul 11, 2025Europe Food Retail Review: Coffee Volumes HoldingJul 11, 2025What We C: Salty Pressured; Energy BetterJul 11, 2025KLG: Nutella Froot Loops?Jul 10, 2025Biweekly Food Retail Snapshot: Large Caps Lagging Total CategoryJul 8, 2025Commodity Tracker: Coffee and Cocoa CoolingJul 7,2025Please see important disclosure information on pages 8 - 12 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited 9ecs Jefferies2025 Food ResearchIndustryEurope Food Retail Review: Coffee Volumes Holding - Jul 11, 2025WhatWeC:SaltyPressured; EnergyBetter-Jul11,2025Biweekly Food Retail Snapshot: Large Caps Lagging Total Category - Jul 8, 2025Commodity Tracker: Coffee and Cocoa Cooling - Jul 7, 2025West African Weather & Cocoa Impacts: Here Comes the Rain - Jul 2, 2025JEF SMID Themes-Defining & Looking at Impact of "Retail-Traded" Stocks - Jun 27, 2025State of the Flock: Welcoming the Summer - Jun 27, 2025WATCH THE VIDEO: Nantucket Consumer Conference Recap - Jun 25, 2025CPG Short Interest Sector Snapshot - Jun 25, 2025U.S. Food - Private Label Tracker: Store Brand Coffee Picking Up - Jun 24, 2025Promo FoMO - Inching Closer to 2019 - Jun 24, 2025Monthly Food Retail Review: Branded and PL Units In Line - Jun 24, 2025Monthly Food Retail Snapshot: Slight Holiday Weekend Bump - Jun 24, 2025The Web Says - KR Promoting More - Jun 20, 2025US Food: Nantucket Day 2 Recap - Jun 18, 2025US Food: Nantucket Day 1 Recap - Jun 17, 2025[Watch the Video] Fireside Chat w/ JEF's Beverage, HPC, & Food Analysts - Jun 16, 2025Cocoa Gone Loco:West African Rain Bringing Some Relief-Jun 16,2025Food Retail Foot & Web Traffic Tracker: Trader Joe's Leads in May, KR Gains - Jun 71, 2025CPG Short Interest Sector Snapshot - Jun 10, 2025BiweeklyFoodRetail Snapshot:Memorial DayResultsAreIn-Jun10,2025Commodity Tracker: 2026 Outlook Flattish - Jun 9, 2025U.S. Food: Prepping for Nantucket - Questions for Management - Jun 9, 2025Restaurant Reads: May Still Okay - Jun 8, 2025What We C: May Slightly Weaker - Jun 8, 2025TheWeb Says-IThought theDealsWould beBetter?-Jun 6,2025China Biscuits Review: MDLZ Gaining Share in a Pressured Category - Jun 5, 2025U.S. Food Currency Tracker: Back Half Outlook Improving - Jun 4, 2025West African Weather & Cocoa Impacts: The Rainy Season Begins - Jun 3, 2025State of the Flock: Avian Flu Uptick in May - May 30, 2025U.S.Food-PrivateLabel Tracker:IsPLSlowingDown?-May28, 2025CPG Short Interest Sector Snapshot - May 27, 2025PromoFoMo-WaitingforPromotionalResponse-May27,2025Monthly Food Retail Review: The Post-Easter Hangover - May 27, 2025Monthly Food Retail Snapshot: Back to Ongoing Volume Trends - May 27, 2025The Web Says - BBQ Season Promotions Kicking Off - May 23, 2025Please see important disclosure information on pages 8-12 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibitec JefferiesThe Post-GameShow:Painting a Bleak Picture-May19,2025Cocoa Gone Loco: Concerns About Mid-Crop Quality? - May 18, 2025Europe Food Retail Review: Prices Rising, Easter Shift Clouds Elasticity Impact - May 16, 2025West African Weather & Cocoa Impacts: Waiting on the Rain - May 14, 2025RestaurantReads:Sequential Improvement inApril-May73,2025BiweeklyFoodRetail Snapshot:ChocolateforEaster-May13,2025What We C: Convenience-Channel Traffic Improves Sequentially in April - May 13, 2025Food Retail Foot & Web Traffic Tracker: Target Traffic Woes Continue - May 12, 2025CPG Short Interest Sector Snapshot - May 11, 2025Commodity Tracker: All Eyes on the Beans - May 9, 2025TheWebSays-Retailer Price GapsNarrowing-May9,2025U.S.Food -Private Label Tracker:Preference to Trade Down in Meals?-Apr 30, 2025Promo FoMO - Quality over Quantity -Apr 30, 2025Monthly Food Retail Review: Commodity-Driven Pricing Evident - Apr 29, 2025MonthlyFoodRetailSnapshot:AnExpensive Easter-Apr29,2025CPGShort Interest SectorSnapshot-Apr27,2025The Web Says - Promos Mixed in April - Apr 25, 2025Jef U: Pricing Power & Elasticity Risks Expert Call Takeaways - Apr 24, 2025Recap: Understanding Packaging - The Impact on Consumer Staples - Apr 22, 2025Europe Food Retail Review: Increasing Elasticity or Easter Timing Impact? - Apr 22, 2025Recap:WalmartMeetingImplicationsforConsumerStaples-Apr21,2025Small Molecule, Big Problem: Lilly's Small Step is a Giant Leap - Apr 20, 2025BiweeklyFoodRetail Snapshot:TheEasterImpact-Apr15,2025The Web Says - Walmart Prices Rolling Back into April - Apr 11, 2025Food Retail Foot & Web Traffic Tracker: Costco Gains Steam, Target Falter - Apr 11, 2025CPGShortInterestSectorSnapshot-Apr9,2025Commodity Tracker: Most Pointing Lower - Apr 9, 2025West African Weather & Cocoa Impacts