Distribution Insights On New Kirkland Products In Dog Food And Drinks

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Distribution Insights On New Kirkland Products In Dog Food And Drinks

TD SECURITIES (USA) LLC MULTI-SECTOR

May 15, 2026

■Food: Food Producers Distribution Insights On New Kirkland

■Non-Alcoholic Beverages

Products In Dog Food And Drinks

Robert Moskow THE TD COWEN INSIGHT

646 562 1474

Recent news about new Costco's Kirkland branded products has played a role in pressuring

robert.moskow@tdsecurities.com

smid-cap, single-category food and beverage stocks like Freshpet and Celsius. We are

Victor Ma publishing this note to provide visibility into how much distribution the Kirkland brand

646 562 1306 has achieved with new products in high growth categories. Our findings are in-line with

victor.ma2@tdsecurities.com

companies' prior comments.

Jacob Henry, CFA

646 562 1380 Kirkland Fresh Dog Food: Our checks indicate that Costco's Kirkland branded fresh dog food

jacob.henry@tdsecurities.com product is available in 44% of Costco locations, consistent with Freshpet management's

Sergio Matsumoto expectations. As a reminder, Costco doubled the size of its fresh dog food merchandising

646 562 1339 fridges in ~70% of its stores and launched a Kirkland branded bag product in mid-March

sergio.matsumoto@tdsecurities.com to compete with Freshpet. As part of this expansion, Freshpet is gaining shelf space (we

estimate ~30%) and launching a third SKU (6-lb beef roll) at the retailer. We continue to believe

Seamus Cassidy

that Freshpet's distribution gains will more than offset pressure from the Kirkland product.646 562 1319

seamus.cassidy@tdsecurities.com Freshpet's retail sales growth remained steady at +13.9% in the L4W compared to +13.8% YTD

(through 5/2/26).

Kirkland Energy Drinks: According to our checks, Costco's Kirkland energy drink is now

available in 98% of Costco locations.