The Weekly Chu: Alts. Retail Tracker (May Edition)

研报英文原文证据摘录

The Weekly Chu: Alts. Retail Tracker (May Edition)

Brokers, Asset Managers & Exchanges

The Weekly Chu: Alts. Retail Tracker (May Edition) July 5, 2026

Week of July 6th, 2026

Fireworks and Ranch-hoarding. Despite the terrible heat wave we hope everyone

enjoyed the long weekend celebrating America’s 250th birthday. The big topic of

discussion at our July 4th celebration was not politics or the economy -- but rather the

viral videos from the World Cup showing European visitors experiencing (for the first Steven Chubak, CFA

schubak@wolferesearch.com

time) some of the best our country has to offer including Buc-ee’s, Texas BBQ, and (646) 582-9315

Ranch dressing. The Ranch-hoarding has gotten so extreme that the TSA issued a View Steven’s Research

warning saying any condiment packages in excess of 3oz. must be checked with your View Comp Table

luggage when leaving the country. Sharon Leung

sleung@wolferesearch.com

This discussion led to an interesting debate as to how one might exploit this Ranch- (646) 582-9317

hoarding trend? While most of the recommendations consisted of ill-conceived Derek Gonda

business ventures, someone made an interesting stock pitch for Clorox (CLX), the dgonda@wolferesearch.com (646) 582-9326

owner of Hidden Valley Ranch, which has >50% share of the ranch dressing market.

For the sake of our readers we will not be elaborate on the next leg of the pitch but

suffice it to say higher ranch consumption might also bolster demand for cleaning

supplies (38% of CLX revenue). These two revenue sources account for more than

half of CLX sales though it’s less clear whether Ranch-hoarding will continue beyond

the World Cup.

Pivoting to financials, despite the holiday shortened week we had many investors