PM, SFM, NKE/China, HAS, GPC, ORLY, Trading Flows: US Consumer Sector Specialist Commentary

Research evidence excerpt

PM, SFM, NKE/China, HAS, GPC, ORLY, Trading Flows: US Consumer Sector Specialist Commentary

“Flows picked up as Momo recovered yesterday (JPMPURE +3.5%). We were better to buy in Staples as the complex

underperformed throughout the day and saw defense of beverage names in particular (KO, KDP, PEP and MNST). In

discretionary, we got a lot of questions on the price action in AS (finished -5%) as stock sold off on a culmination of negative

checks away, supply fears and some derisking into DECK print – we ended up buying 800k, did not see the supply here.

There was positive consumer commentary out of COF earnings last night with Rick Shane's note highlighting that management

noted the U.S. consumer and overall economy remain resilient despite high energy prices, with the portfolio continuing to

perform remarkably well. The unemployment rate in June was lower than in February before the Iran conflict began, jobless

claims remained low, and job creation rebounded over the past few months. Consumer spending remained strong."

INVESTOR ACCESS

Event Type Start Event Name Marketing Cities

Investor Tour Jun 17 AAP HQ VISIT AND STORE TOUR WITH MGMT Raleigh

AUTO RETAIL ECOSYSTEM JUNE CALL SERIES - SONIC

Company Marketing Jun 18 Conference Call - United States

AUTOMOTIVE

Boston, Chicago, Los Angeles, New York, San Francisco -

Company Marketing Jun 22 MITSUBISHI CORP

United States

Los Angeles, Orinda, Pasadena, San Francisco, Santa

Analyst Access Jun 23 CHRISTOPHER HORVERS

Monica - United States

Analyst Access Jun 23 ANDREW STEINERMAN Denver - United States

AUTO RETAIL ECOSYSTEM JUNE CALL SERIES - LITHIA

Company Marketing Jun 29 Conference Call - United States

MOTORS

Investor Tour Jul 01 DOLLAR TREE, INC. (DLTR) - HQ VISIT Chesapeake

Company Marketing Jul 08 UNITED NATURAL FOODS, INC.