Getting our first look at consumer-facing outlooks now that we've gotten through the tedious Banks portion of earnings season.
Notable takeaways:
Hasbro was surprisingly good but it's not really "game on" until Q3 and Q4. Gets 50% of Toys and Games from China but has a reasonably flexible supply chain. Says earnings hit from tariffs will be $60 - $180 million hit to net earnings (LY net was only $385mm). Helped by digital focus.
Pepsi seemed pretty resigned to consumers being too price-conscious to buy snacks.
Chipotle has first negative comps since COVID. Said business fell off in late February and has continued worsening since. More people eating at home (but not buying Pepsi(?)). Fired shots at the entire outlook for QSR by insisting execution is great and the company is taking share.
