Citi’s World of Staples: The data you need on performance, valuation and earnings momentum for global consumer staples

Research evidence excerpt

Citi’s World of Staples: The data you need on performance, valuation and earnings momentum for global consumer staples

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03 Jul 2026 00:00:00 ET │ 42 pages

Citi’s World of Staples

The data you need on performance, valuation and earnings momentum

for global consumer staples

Simon Hales AC

CITI'S TAKE +44-20-7986-4049

Global Consumer Staples outperformed the wider market by +3% in June. simon.hales@citi.com

Both EU and US staples outperformed their respective broader markets Cedric Besnardwith the sub-sectors delivering mixed performance. Among sub-sectors,

HPC (+5%) was the best performing sub-sector while US Food (-5%) +33-1-7075-5276

underperformed in June. cedric.besnard@citi.com

Filippo Falorni, CFA

European Beverages & Tobacco — Despite some mixed messages from Beverage stocks +1-212-816-3743

around Q2 trading, we think the setup remains favourable for Beer and Soft Drinks into filippo.falorni@citi.com

earnings. Undoubtedly those with China exposure (ABInBev, Carlsberg, Pernod) have

seen a slightly more lacklustre Q2 than hoped but elsewhere, the combination of the Xiaopo Wei, CFA

World Cup benefit in the Americas and favourable European weather in June and early +852-2501-2472

July could drive positive Q2 surprises and, if it continues, some upward tweaks FY xiaopo.wei@citi.com

guidance with the prints. Against this backdrop, we continue to favour Carlsberg,

ABInBev, Heineken and CCH. Investor engagement in Spirits continues to be low, with Paul Lejuez, CFA, CPA

recent deteriorations in US depletion trends weighing. Diageo's upcoming August +1-212-816-6462

6th Strategy Day offers some hope of self-help driven respite, but time will tell whether paul.lejuez@citi.com

this will be sufficient to act as permanent turning point in sentiment towards the stock.