英文【高盛】美洲必需消费品：NielsenIQ初步分析：过去四周美元增长放缓至个位数，但家居护理和食品类别表现各异

NielsenIQ released its latest data this morning, for the week ending May 17, 2025. Total store sales were up +2% in the latest quad-week, with growth led by Dairy, while most other categories also posted growth. Indeed, Frozen and Alcohol were the only categories to decline in the L4wks, while Deli, Tobacco, and General merchandise were flat. While sales growth moderated in Food, growth in HPC improved sequentially. Within HPC, KMB stood out once again, with stronger sales growth, while PG’s growth slightly moderated, though remained above the group average. CL’s sales growth also moderated. Meanwhile, both CHD and KVUE saw sales growth accelerate. Lastly, CLX’s sales growth only slightly improved (though still remains negative). In Beverages, $ sales trends were mixed for non-alcoholic categories on a 2-wk vs 4-wk basis, with broadly stable trends for CSDs, sparkling water and sports drinks - while $ sales trends accelerated for RTD tea and RTD Coffee. That said, $ sales growth trends decelerated across all other non-alcoholic categories over the same time period. By company within non-alc beverages, $ sales trends improved/accelerated for MNST (ex-Bang) & ZVIA on a four-week basis vs last month - while $ sales trends worsened/decelerated for all other companies over the same time period. Turning to alcoholic beverages, $ sales trends modestly decelerated for all categories on a 2-wk vs 4-wk basis - note Cinco De Mayo is included in the data in this year’s period and the comparable period last year. However, by company within alcoholic beverages, $ sales trends improved/accelerated for BF on a four-week basis vs last month - and $ sales trends were broadly stable for TAP & SAM over the same time period. That said, $ sales trends modestly decelerated for STZ on a four-week basis vs last month. Lastly, in Tobacco, $ sales growth declines were broadly stable for the overall cig category in the most recent two-week period vs the prior four-week period. However, by company within Tobacco/Nicotine, $ sales growth trends worsened/decelerated for IMB on a four-week basis vs last month - while $ sales trends were broadly stable for BAT & MO. Bonnie Herzog +1(212)902-0490 | bonnie.herzog@gs.com Goldman Sachs & Co. LLC Leah Jordan, CFA +1(713)658-2691 | leah.jordan@gs.com Goldman Sachs & Co. LLC Ankit Prasad +1(212)934-6394 | ankit.prasad@gs.com Goldman Sachs India SPL Ethan Huntley +1(617)772-7940 | ethan.huntley@gs.com Goldman Sachs & Co. LLC Farshid Javar +1(917)343-2241 | farshid.javar@gs.com Goldman Sachs & Co. LLC Olivier Nicolaï +44(20)7774-2895 | olivier.nicolai@gs.com Goldman Sachs International Eli Thompson +1(713)904-8289 | eli.thompson@gs.com Goldman Sachs & Co. LLCAmericas Consumer Staples: NielsenIQ First take: L4wk $ growth moderates to +LSD, though differs across HPC & Food27 May 2025 | 7:30AM EDT Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm