Food, Value & Services Retailers Weekly: FIVE and BOBS sales momentum strong

Research evidence excerpt

Food, Value & Services Retailers Weekly: FIVE and BOBS sales momentum strong

Accessible version

Food Retailers

Food, Value & Services Retailers Weekly:

FIVE and BOBS sales momentum strong

Earnings Preview

BOBS sales grew 86%+ supported by 65% traffic growth 05 July 2026

FIVE Observed Sales grew double digit (+16%) and was driven by a 16% growth in Equity

Observed Transactions. BOBS Observed Sales grew 86%, driven by growth in both United States

Observed Transactions +65% and ATV +13%. KR sales slowed sequentially to -4% as Food Retailers

declines in traffic (-6%) offset +2.1% growth in ticket. Similarly, DG sales slowed from Robert F. Ohmes, CFA

2.1% the prior week to -2.5%. We note that this year’s later July 4th (Saturday vs. Friday Research Analyst

LY) may have pushed a day of July 4th holiday grocery sales into the week ending July BofAS+1 646 855 0078

5th, pressuring Food Retailers sales growth for the week ending Sunday 6/28/26. robert.ohmes@bofa.com

Vicky Liu, CFA

ACI F1Q Preview: IRA & egg deflation pressure 1Q IDs ResearchBofAS Analyst

ACI reports F1Q on Wednesday 7/15 (Bloomberg estimate). We see $0.56 adj. EPS and - +1 646 855 5115

yanjun.liu@bofa.com

0.5% ID sales growth (1Q IDs pressured by egg deflation and 150bp of IRA headwind),

Xavier Le Mene >>

both in-line with Street ($0.54 adj. EPS and -0.5% ID sales growth). ACI Observed Sales Research Analyst

were slightly negative in F1Q (+0.3% in Mar, -0.6% in Apr, +0.2% in May), and Observed MLI (UK)

+44 20 7996 7591

Transactions deteriorated throughout the quarter (from -0.1% in Mar to -1.8% in May), xavier.le_mene@bofa.com

partially offset by increasing ticket. We continue to see more negative volume trends at

conventional supermarkets compared to all outlets in Nielsen data, averaging -4.2% for