February 13, 2023


Earnings season is in full swing providing us a chance to see how companies in different parts of the retail economy are performing.


We looked to Pepsi, Under Armour, Mattel, Uber and Criteo for a diverse understanding of…

  • Consumer demand and inflationary trends
  • Retail channel inventory levels
  • Advertising trends

The analysis illustrates it is too simplistic to say everything is fine OR the economy is cratering. “Mixed” would be an apt-one word description to take away from the results…

  • Demand is okay but softening.
  • Inflation is easing, but margins remain under pressure.
  • Advertising demand is generally stable, although where it is spent is shifting.


In terms of specifics for eCommerce teams, we concluded:

  • Uber’s success with advertising and its growing delivery business is a positive signal for Instacart and delivery to the home generally.
  • Retail media is in a great position based on Uber’s traction and Criteo’s outlook, reinforced by the brands not changing their overall marketing spend.
  • Most of Amazon’s inventory challenges in 4Q are retail-wide versus a company specific issue.
  • Brands struggling with excess inventory should be concious of marketplace control issues that can arise from arbitrageurs.


Read on for a nuanced understanding of what these companies are predicting for 2023 and what’s keeping them up at night.

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