NON-ALCOHOLIC BEVERAGES & SALTY SNACKS ANALYSIS: NIELSEN XAOC + C-STORE

November 15, 2022



THE COWEN INSIGHT

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In the 4 w/e 11/5/22 in Nielsen xAOC + C-Store, dollar sales for CSDs, bottled water, sparkling/still water, sports drinks, ref. juice, and liquid tea accelerated, while all other categories saw a deceleration relative to 12-week trends. Broad pricing in non-alcs / snacks remains robust and particularly strong for CSDs (+16.6%), salty snacks (+16.1%), and bottled water (+15.3%).

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4Q22 Implied Sales Performance: KO & PEP North American Beverages

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4Q22 implied sales growth for KO North American beverages per Nielsen-tracked channels is +12.0%. The implied growth rate demonstrates a slight acceleration from 3Q22 sales in Nielsen-tracked channels. As it relates to PEP, Nielsen-implied sales performance for 3Q22 is +10.6%, in line relative to the implied levels seen in the prior quarter.

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