Retail Sales, Energy Drinks Data (CELH, MNST, Red Bull, KDP), HD/LOW Spring Store Tours (BOS), KR Preview, Oil & Iran MOU, Fed Preview: US Consumer Sector Specialist Commentary

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Retail Sales, Energy Drinks Data (CELH, MNST, Red Bull, KDP), HD/LOW Spring Store Tours (BOS), KR Preview, Oil & Iran MOU, Fed Preview: US Consumer Sector Specialist Commentary

Briggs Barton - Specialist Sales - US Consumer AC North America Specialist Sales 17 June 2026

briggs.barton@jpmorgan.com JPM | US Consumer Daily: Retail J P M O R G A N

J.P. Morgan Securities LLC Sales, Energy Drinks Data (CELH,

MNST, Red Bull, KDP), HD/LOW

Spring Store Tours (BOS), KR

Preview, Oil & Iran MOU, Fed

Preview

ENERGY DRINKS (MNST, CELH, KDP, RED BULL) — Numerator

Energy Drinks Monitor

Data remains better than peers for MNST (both absolute/relative), and while KPIs for Monster decelerated sequentially vs.

prior month on softer buy rate (purchase frequency deceleration), trends have been more resilient vs. peers.

Data for CELH looks softer sequentiallywith deceleration in sequential trend for both Celsius (buy rate deceleration) and Alani

Nu (household penetration and buy rate deceleration), which is consistent with the tracked channel data.

Data appear softer sequentially for Red Bull (private), as buy rate growth decelerated and inflected negative, although

household penetration gains remain solid.

For KDP, the data appear mostly unfavorable sequentially, in our view, with GHOST buy rate trend decelerating (albeit

household penetration trends a bit better). Bloom remains strong but decelerated.

Key Category Takeaways ---> Projected sales decelerated -526 bps sequentially to +10% in May, the second consecutive

monthly period of deceleration following four consecutive monthly periods of sequential acceleration on a rolling 13-week basis;

slowest YOY growth since 13-week period February 2025. Within the projected sales growth deceleration, buy rate