The Consumer Counselor: Nielsen Update for the Four-Week Period Ended 07/11/26

Research evidence excerpt

The Consumer Counselor: Nielsen Update for the Four-Week Period Ended 07/11/26

Update

July 22, 2026 09:36 PM GMT

Morgan Stanley & Co. LLCMConsumer Credit Research | North America Jenna L Giannelli

Credit Analyst

The Consumer Counselor: Jenna.Giannelli@morganstanley.comRoopi Bhangu +1 212 761-4340

Roopi.Bhangu@morganstanley.com +1 212 761-1912

Nielsen Update for the Four-

Week Period Ended 07/11/26

Nielsen-tracked channel sales increased 0.7% YoY in the four-

week period ended 07/11/26, accelerating from +0.4% YoY in the

prior four-week period. Broader tracked-channel growth

outpaced most of our HY Consumer universe.

Scanner data sales growth accelerated sequentially to +0.7% YoY, although

trends remained mostly negative across our cohort. Only two names in our

coverage posted positive YoY unit volume growth (CENT and SMG), while the

remaining six were negative ( Exhibit 3 ). Pricing was positive for SPB, PBH, COTY,

NWL, and ENR, approximately flat for EPC, and negative for CENT and SMG ( Exhibit

4 ). Top-performing categories by dollar volume growth ( Exhibit 2 ) included

fragrances, household maintenance, and bath & shower, while food & beverage

containers, sun care, and pest control were the weakest. CENT was the only name

to exceed the tracked-channel total, while COTY matched it ( Exhibit 1 ), and three

names (ENR, NWL, and COTY) improved sequentially, while the other five

deteriorated.

Relative to the prior month, dollar volume trends ( Exhibit 1 ) reflected:

• Sequential deterioration: EPC and SPB (now negative); PBH (still negative);

SMG and CENT (still positive)

• Sequential improvement: COTY (now positive); ENR and NWL (still

negative)

• Steady/unchanged trend: None

Exhibit 1: Summary dollar volume growth for key HY consumer companies –