1、USA|Food Retail&DistributionEquity ResearchJuly 22,2025 AlexanderSlagle,CFA*|Equity Analyst(415)229-1508|AndyBarish*|Equity Analyst(415)229-1524|MarshallPittman*|Equity Associate+1(415)229-1467|IvanYu*|Equity Associate+1(415)229-1441|Data by the Truckload Vol.2:Foodservice&Grocery Distribution Trend

2、sFor C2Q,we note broadly positive trends in restaurant sales&traffic,while read-throughs in leisure&travel,grocery volumes,and convenience volumes weremore mixed.Inflation was generally steady throughout the quarter,with food-at-home seeing a modest uptick and narrowing the gap vs away-from-homeinfl

3、ation.Restaurant trends were consistent-to-slightly improved through C2Q,while some more m/m volatility was observed in other end-markets.Key read-throughs to case volumes in foodservice distribution:Restaurant traffic,Chain&Indeps(+):Per Black Box,restaurant Industry sales increased+120bps Q/Q to+1

4、.5%in C2Q(note weather&holiday shift noise),with traffic also improved+200bps sequentially.By Category,Casual Dining led the group+4.0%(+140bps Q/Q),whileFast Casual and Fine Dining was more muted.Placer.ai also showed similar strength in CasualDining foot traffic,which improved+280bps Q/Q.OpenTable

5、 seated diners+9.3%YoY on avgfor C2Q,notably higher vs C1Q.Charts 5-11Leisure travel/tourism read for USFD(mixed):US Hotel RevPar increased broadly YoY in C2Q(Upscale flat),albeit the rate of growth moderated vs C1Q for most price cohorts.Consumerpanel data also suggested softer near-term travel int

6、ent through C2Q(3-6 months).Charts12-14.Movie Theaters read for PFGC(+):Box office sales increased notably in C2Q,with the majorityof growth in Apr/May given the robust release calendar,which moderated slightly in Junesequentially and vs year-ago levels.Charts 15-16.C-stores read for PFGC(-):Per Nie