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Summary of Goldman Sachs Americas Consumer Staples Report (May 27, 2025)

Key Findings

• Overall Consumer Staples Performance: Total store sales grew +2% sequentially from +1.5%, down from +3.3% last month. Growth was led by Dairy, but Frozen (-1%) and Alcohol (-2%) categories declined, while Deli, General Merchandise, and Tobacco remained flat.

• Household & Personal Care (HPC): Sales growth improved to +2.0%, driven by pricing increases. KMB maintained strong growth despite lower volume, PG saw slight moderation, and CLS experienced declining sales. KVUE and CHD showed acceleration, CLX continued negative trends.

• Beverages/Tobacco: Non-alcoholic beverage sales were mixed, with Carbonated Beverages up +3.3% (vs. +9.7% four-week) and non-alcoholic beer surging +21.5% (vs. +22.3%). Alcoholic beverages saw deceleration across types, with Beer down -2.3% and Wine down -3.0%. Tobacco declines broadened, with Cigarettes down -2.2% and E-Cig down -6.3%.

• Food Sector: Packaged Food sales decelerated to -2.0% (vs. +1.3% last month), primarily due to lower volumes and pricing moderation. Companies like HSY improved due to better volumes, while others like GIS and KHC declined.

Notable Trends

• Growth moderated broadly, with private label share stabilizing.
• Specific companies showed contrasts, e.g., MNST and KO improved, while PEP declined.
• Industry-wide data indicated potential for M&A in some sectors, but investment conflicts may influence analyst views.