aT OUR CONFERENCE LAST WEEK, PRESENTING COMPANIES TOOK ON AN UNEQUIVOCALLY POSITIVE TONE. fiHILE INVESTORS CONTINUE TO VIEW THE SUSTAINABILITY OF STRONGER DEMAND ACROSS FOOD  AND HP¢ AND THE PATH TO RECOVERY IN bEVERAGES WITH A HEALTHY DEGREE OF SKEPTICISM (ESPECIALLY IN THE ABSENCE OF FORMAL GUIDANCE FOR MUCH OF OUR COVERAGE UNIVERSE), COMPANIES DID NOT SOUND ANY ALARM BELLS LAST WEEK. tO THE CONTRARY, MANY REITERATED THE POSITIVE TAILWINDS TO THEIR CATEGORIES SEEN OVER THE PAST SIX MONTHS, INCLUDING A CONSUMER PREFERENCE FOR BRANDED PRODUCTS AND SPECIFICALLY BIG, FAMILIAR BRANDS. iN THIS VEIN, A PARTICULARLY NOTEWORTHY THEME WAS THE STRENGTH AND RESILIENCE OF THE U.s. CONSUMER WITH VERY LITTLE CONVERSATION AROUND TRADE DOWN TO PRIVATE LABEL, AND HP¢ AND bEVERAGE COMPANIES IN PARTICULAR HIGHLIGHTING A CONTINUED PREFERENCE FOR PREMIUMIZATION AND OBSERVING NO SIGNS OF
ANY WAVERING IN CONSUMER SPEND. eMERGING MARKET TRENDS LOOK TO BE IMPROVING SEQUENTIALLY, BUT REMAIN A POINT TO WATCH.