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Below is a brief excerpt from a complimentary research note written by our Consumer Staples analysts Howard Penney and Daniel Biolsi. If you are an institutional investor interested in accessing our research email sales@hedgeye.com |
England reopened pubs and restaurants on July 4, Wales opened pub gardens and outdoor seating for restaurants yesterday, and Scotland reopens pubs and restaurants on July 15.
For the week ended July 4, total CPG demand in the U.K. decelerated to 4% higher YOY.
Total edible categories decelerated to +9% for the week ended July 4 from +12% sequentially. Total non-edible categories were up 4% YOY from +2% sequentially.
The frozen category decelerated to +14% from +21% sequentially as seen in the following chart below. The frozen category has generally been the second strongest category after alcohol during the pandemic in the U.K.
The non-edible categories have been much less volatile, hovering between +4% to +7% for seven of the past nine weeks. The U.K. is Nomad Foods' largest market at 31% of sales.
