HPC NielsenIQ Data thru 7/11 highlights YoY sales growth moderation, though 2-yr stacked trends improved sequentially

Research evidence excerpt

HPC NielsenIQ Data thru 7/11 highlights YoY sales growth moderation, though 2-yr stacked trends improved sequentially

Equity Research

21 July 2026 | 7:42AM EDT

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HPC NielsenIQ Data thru 7/11 highlights YoY sales growth moderation,

though 2-yr stacked trends improved sequentially

Our View - NielsenIQ released its latest data for the week ending July 11, 2026. Bonnie Herzog

+1(212)902-0490 |

Overall, HPC sales growth moderated to +1.8% (vs. +2.5% last month) in the latest bonnie.herzog@gs.com

Goldman Sachs & Co. LLC

quad-week. Sales growth was primarily driven by price growth, with marginal volume

Ankit Prasadgrowth in the latest quad-week. That said, the moderation is likely driven by tougher +1(212)934-6394 |

compares as 2-year stacked sales growth accelerated in the latest quad-week. Also, ankit.prasad@gs.comGoldman Sachs India SPL

sales on promotions were up +230bps YoY. Within FVM+C channel in the latest Ethan Huntley

quad-week, growth was led by CL, as sequentially lower promotions aided higher +1(617)772-7940ethan.huntley@gs.com|

price growth, albeit partly offset by sequentially weaker volume growth. KMB was Goldman Sachs & Co. LLC

Paulalso relatively strong and amongst the few companies that posted sequential sales Shanika | +1(212)902-7136

growth acceleration. PG moderated sequentially even as sales on promotions shanika.paul@gs.com Goldman Sachs & Co. LLC

stepped-up meaningfully, which drove sequentially lower price growth in the latest

Nicholas Vidger

quad-week. CHD saw sales trends deteriorate as well as L4wk sales inflect negatively +1(212)934-0631 |

nicholas.vidger@gs.com

to slight declines. That said, consistent with trends across HPC more broadly, both PG Goldman Sachs & Co. LLC