General Mills’ very soft quarterly results, once again, reinforced our viewpoint that category growth for the year, as was the case last year, will be driven by private label and the retailers that excel at it. And so, in addition to scanner data, we recommend watching the foot traffic at Trader Joe’s and Aldi. As the chart shows, traffic for the conventional grocery industry (NAICS-4415) remains in the dumps. By contrast, traffic for TJ’s and Aldi remains robust and very stable.

Advantaged by a strong owned-brands portfolio and fresh offering, Kroger reported better comp-sales (+3.2%) and gross margin for its quarter. The comp increase was also higher than Advan’s +2.9% estimate* and marginally ahead of the industry’s +2.9% per the Census’ monthly report . Kroger enjoys a larger lift from pharmacy (Wegovy, Zepbound, etc) and its fast-growing delivery business (the Ocado sheds). Stripping out the benefit of pharmacy lowers Kroger’s comp-increase to +1.

Universal’s Epic Universe opened in Orlando on Memorial Day Weekend to great fanfare by the press. Since then, the trade press has been less favorable, and so, we looked at Advan’s visitor and spend data to see how Epic is impacting sister Universal Orlando and the other destination theme parks in Orlando. What we see broadly is softness, despite the new park. While our data is preliminary because of the way we are cutting it (Thursday – Monday), the conclusion is supported by our measure of traffic to the Orlando airport (MCO), which shows a slightly better trend in May than the prior months, but nothing that would suggest that a new $8B theme park just opened in the market.

As we previewed in our story about Costco, May retail sales (as measured by the Census Bureau-adjusted) slowed from April’s pace as the tariff pull-forward lapsed and leisure activity quickened (again taking share from spending on goods). Additionally, weather for most of the month and country was absolutely horrid for seasonal sales. Building materials & garden supplies fell -1.1% in May from April +2.1% increase. Advan’s measure for NAICs #44422, which is 11K nursery, garden centers, and farm supply stores around the country, declined a similar amount.

Last week, one of our Advan Buysider names, Chewy , reported fiscal Q1 results, which once again demonstrated improving business momentum and unit economics. As a reminder, Chewy’s market share growth is accelerating due to the accruing benefit of more and more Autoship customers. (That share gain, plus Amazon’s, is further depressing foot traffic to pet specialty retailers.) Chewy’s higher volume in turn is allowing it to improve its fulfillment center (FC) utilization; this is key to improving its unit economics as they stood up too much capacity during the 2020 / ’21 pet boom, which became a drag on profits when the boom, busted.

Despite tremendous noise on trade and the economy, and our ongoing frozen housing market, Restoration Hardware’s fiscal Q1 results and outlook affirmed what Advan’s traffic and transaction data suggest, that is – demand remains undiminished for the high-end brand, as well as peer Arhaus. Written orders, which measures current demand, is no longer disclosed by Restoration Hardware (RH), and so the next quarter’s guidance is a proxy; guidance for fiscal Q2 revenue growth was +15% (on an adjusted-basis) which is above for the April-end period of +12%, or reflective of stronger demand.

Notable Hit 1: On Tuesday June 10, 2025 Dave & Buster’s Entertainment, Inc. (PLAY) posted revenues of $567.7M missing the analysts estimates by 0.98% and in the same direction of Advan’s implied sales. Advan’s data showed 1% decrease YoY in overall foot traffic across all Dave & Buster’s locations in Q1 2025; the company’s revenue decreased 3% YoY. Advan’s foot traffic data has a correlation of 0.96 on a YoY basis with PLAY’s top-line revenue over the last 21 quarters.

Despite dismal sentiment about the low-end consumer and consumer confidence, Dollar Tree, Dollar General, and Five Below blew past Wall Street expectations on comp-store sales, with both comp-ticket and comp-transactions driving a material improvement in the 2- and 3-year comp-store sales trend as shown in the table below. With Dollar General’s results, we wrote about the upside stemming from trade-in, share-of-stomach gains from the fast food channel, and better retail execution / fundamentals.

Notable Hit 1: On Tuesday June 3, 2025 Ollie’s Bargain Outlet Holdings, Inc. (OLLI) posted revenues of $576.77M surpassing the analysts estimates by 2.07% and in the same direction of Advan’s implied sales (1.96%). Advan’s data showed a 13.5% increase YoY in overall foot traffic across all Ollie’s locations in Q1 2025; the company’s revenue increased 13.4% YoY. Advan’s foot traffic data has a correlation of 0.91 on a YoY basis with OLLI’s top-line revenue over the last 20 quarters.

As was anticipated by Advan’s data, Costco reported another strong comp-store sales increase for May (+5.5%), but at a touch lower rate than the March / April trend of +7.2% / +8.6% (adjusted) which benefited from pull-forward on large ticket items which consumer purchased to get in front of prices increases resulting from tariffs. General merchandise comp sales, which is where the pull-forward happened, went from +10% in March / April to around +5%.