Wolfe Consumer Checks

Research evidence excerpt

Wolfe Consumer Checks

ution to trend timing. Overall, the

setup is tougher now as they begin to lap their improved merchandising initiatives, pricing initiatives, and the Dumpling

trend starts to wane. See Spencer's full downgrade note here.

Dollar Tree (DLTR) announced on 6/25/2026 that Mantle Ridge was selling their $1.5bn stake with the block coming

through at ~$111 (vs. closing price at $119). Mantle Ridge was very involved in many of the key strategic decisions at

DLTR, so the news will create many questions about the go forward strategy. Numbers will move mechanically higher

by 15c from the higher buybacks (although this may just pull forward shares they were planning to buy anyway). We

expect more questions on the Board and overall governance changes here too given Mantle Ridge has several members

on the board. While typically these are clearing events, we expect strategy changes going forward and this will not be

a clear-cut. See our full takeaways note here.

Walmart announced on Tuesday that it has agreed to acquire Vibe.co, a self-serve connected TV advertising platform

built to simplify streaming TV campaigns for small and mid-sized businesses and mid-market brands, with terms

undisclosed (WSJ reporting ~$1.4bn) and closing expected by the end of fiscal 2027. The deal folds Vibe.co into

Walmart Connect, pairing its self-serve CTV activation and measurement tools with Walmart's commerce audiences,

closed-loop measurement, and VIZIO inventory to make full-funnel TV advertising more accessible to advertisers

without large media teams. Walmart does not expect the transaction to affect its previously provided FY27 sales and

operating income growth guidance.

We do not cover CRTO but use it as a read-through to our consumer coverage.