Food, Value & Services Retailers Weekly: KR sales get worse; See BOBS 2Q beat: Earnings Preview

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Food Retailers

Food, Value & Services Retailers Weekly:

KR sales get worse; See BOBS 2Q beat

Earnings Preview

KR/ACI Sales weaken further on negative transactions

KR & ACI continued to see negative sales growth (week of 7/26) on declining

transactions that more than offset modestly positive ATV trends. DG sales also

decelerated to -3.7%, as a -5.4% decline in Transactions was partially offset by +1.8%

ticket growth. Similarly, DLTR Observed Sales decelerated to +1.3%, with a slowdown in

both Transactions (-1.2%) and Ticket (+2.5%).

BOBS 2Q Preview: Sales & Web traffic accelerating

02 August 2026

Equity

United States

Food Retailers

Robert F. Ohmes, CFA

Research Analyst

BofAS

BOBS reports 2Q on 8/6. We expect $0.19 adj. EPS and 2% comps, in-line with the

Street ($0.20 adj. EPS and 1.8% comps). Observed Sales accelerated from 12% in 1Q

(which was pressured by winter storms) to 32% in 2Q, with improvement in both traffic

(+21% vs. +9% in 1Q) and ticket (+10% vs. +3% in 1Q). We see AOV and gross margin

upside from customers trading up to “Better” and 7% y/y price increase (will lap in

September). The new primary financing partner Synchrony (launch in May and roll out

through the summer) should drive ticket through higher financing utilization. We are

modeling 2Q GM to be 100bp lower y/y from fuel-related pressure through delivery and

linehaul costs and from lapping over LY’s highly favorable freight environment. We

expect 148bp operating expense deleverage as BOBS invests in Southeast expansion

and the associated marketing expense. BOBS Web traffic accelerated to +80%, implying

strong 3Q momentum. We believe BOBS has LT valuation upside and should eventually

trade in-line with other Value Merchandising Growth retailers that have similar unique

value priced positions and similar store & EPS growth algorithms like - FIVE, OLLI, BURL

- which are trading at an avg P/E ~20x C2027 (vs. BOBS at 14-15x).

Vicky Liu, CFA

Research Analyst

BofAS

WRBY 2Q Preview: Exam & insurance growth support AOV

LT = long term

WRBY reports 2Q on 8/6. We expect $28.65MM adj. EBITDA and 10.6% revenue growth,

in-line with Street ($28.97MM adj. EBITDA and 10.9% revenue growth).…