Jefferies 2026 Consumer Conference — Highlighting the Incremental

Research evidence excerpt

Jefferies 2026 Consumer Conference — Highlighting the Incremental

USA | Thematic Research EquityJuneResearch18, 2026

Jefferies 2026 Consumer Conference —

Highlighting the Incremental

Jefferies hosted > 100 companies at the 2026 Consumer Conference this week.

Many of the individual discussions were recapped in detail in separate notes.

High-level takeaways include: 1) tone around the consumer largely constructive

with confidence firming into improving H2 visibility; 2) newness in fashion and

innovation broadly cited as a demand tailwind and 3) WMT tariff refunds to be

reinvested into high-frequency categories should drive share gains.

Andy Barish highlighted controversial stocks WING and BRCB, both of which appear to have drivers

to inflect in a positive direction in 2H. Current valuations at/near trough levels for growth companies.

Alex Slagle noted PFGC’s confidence in share-gain momentum & favorable F27 setup. CHEF’s tone

positive on build out of both new/existing markets. BJRI visibility improving behind sustained traffic

gains.

Kaumil Gajrawala highlighted confident tone from teams across the beverage, HPC, and health &

wellness firms. Focus was on internal initiatives and execution amidst a more challenging backdrop.

Randy Konik highlighted int’l growth and category innovation as the biggest drivers of strength for

SN and YETI. Durability in OLLI and SIG trends, strong FCF and ongoing buybacks support both.

Corey Tarlowe came away surprised by tone around consumer resilience despite depressed Jefferies Equity Research * | Equity Analyst

sentiment and elevated fuel. WMT is leveraging int'l S/C learnings to improve US fulfillment, density, (888) JEFFERIES | research_support@jefferies.com

and speed. Blake Anderson, CFA * | Equity Analyst