Consumer Staples All-Channel US Scanner Data Through 07/11/26

Research evidence excerpt

Consumer Staples All-Channel US Scanner Data Through 07/11/26

Update

July 21, 2026 11:28 AM GMT

Morgan Stanley & Co. LLCMConsumer Staples | North America Dara Mohsenian, CFA

Equity Analyst

Consumer Staples All-Channel Dara.Mohsenian@morganstanley.comEric A Serotta, CFA +1 212 761-6575

Eric.Serotta@morganstanley.com +1 212 761-2370

US Scanner Data Through Patty Kanada, CFA

Patty.Kanada@morganstanley.com +1 212 761-1019

07/11/26 Josh Haubenstock

Research Associate

Josh.Haubenstock@morganstanley.com +1 212 761-1059

Key Takeaways Kenneth Tan

Continued muted staples trends, with Beverages and HPC growth slowing Kenneth.Tan@morganstanley.com +1 212 761-4954

slightly sequentially in the L4W vs L12W, and food/alcohol weak yoy.

Beverages

We continue to see Q2 results for HPC as weaker than indicated by scanner data North America

Industry View Attractive

due to couponing and retailer inventory cuts.

An earlier Prime Day (June 23-26 this year vs July 8-11 last year) hurt week 4 but

benefitted weeks 1-2, particularly in HPC, with a limited 4-week impact.

Continued Muted Staples Trends: Consumer staples sales trends remained muted

in NielsenIQ scanner data for the 4-weeks ended 7/11/26, with Beverages (non-

alcohol) continuing to outperform Household Products, and weaker Packaged Food

and Alcohol trends. NA Beverages (defined as CSDs+Energy+Sports+Water) trends

for the L4W moderated slightly to +3.6% growth vs the L12W (+4.1%), and Alcohol

improved only slightly to -2.5% from -3.7% despite the World Cup, which had a

larger impact on the on-premise channel. HPC L4W sales growth of +2.3% modestly

slowed vs +3.1% 12-week trends, and we see reported Q2 results as weaker than

indicated by scanner due to couponing and retailer inventory cuts. Food sector