Story of the Week
KKR Scoops Up Dallas Deal Machine Arctos Partners in $1.4 Billion Sports Power Play
KKR has officially closed its purchase of Dallas-based Arctos Partners, pulling the fast-rising sports-investment specialist into a freshly built KKR Solutions platform. The initial consideration came in at $1.4 billion, made up of roughly $300 million in cash and $1.1 billion in KKR equity, with the agreement also allowing for up to $550 million of additional equity tied to performance and share-price targets, according to Kirkland & Ellis. Founded in 2019 and headquartered in Dallas, Arctos has built a specialized business buying minority stakes in professional sports franchises and now manages roughly $15 billion, according to the firm’s own materials. Industry coverage notes that Arctos has invested across major U.S. leagues and in European soccer, giving KKR immediate scale in the sports-investing arena.
Apparel & Footwear
Lee jeans up for sale in surprise Kontoor move
Lee — the iconic denim brand made famous by James Dean — is up for sale, and owner Kontoor Brands has already received significant interest, the company announced May 7th. The divestment will allow Kontoor to focus on what it calls its growth businesses – the Wrangler denim brand and Helly Hansen, the Norwegian outdoor apparel maker acquired last year for $957.5 million. Wrangler is poised to become a $5 billion brand by the 2030s, Kontoor CEO Scott Baxter told analysts, who were surprised by the move in part because of notable progress in Lee’s turnaround.
Brooks Running boasts global sales growth
Brooks Running in Q1 recorded a 23% jump in global growth year over year, stating it was the strongest quarter in the brand’s history. The privately held company did not provide exact figures. North American sales increased 20% from the year-ago quarter. Sales surged 136% in China, and the company saw 30% currency-neutral growth in Europe, the Middle East, and Africa. Apparel sales rose by a third year over year, according to a company press release. “Across product, experiences, and how we show up for the sport globally, our teams are executing at the highest level and earning runners’ trust every day. Our record quarter is proof our long-term strategy is resonating,” CEO Dan Sheridan said in a statement.
Steven Madden posts strong 18% revenue growth in Q1
Steven Madden, Ltd.’s earnings on an adjusted basis slid 24.3 in the first quarter. Still, they exceeded Wall Street targets, and company officials predicted a return to earnings growth in the second quarter. The company reinstated EPS guidance for the year. Sales in the quarter jumped 18 percent, driven by strength in the Steve Madden and Kurt Geiger brands. First quarter revenue increased 18.0 percent to $653.1 million, compared to $553.5 million in the same period of 2025. Wholesale business revenue in the first quarter of 2026 was $443.6 million, a 1.0 percent increase compared to the first quarter of 2025.
Rack Room Taps Former Famous Footwear Exec Mike Edwards as CEO
Rack Room Shoes has named a new chief executive officer to succeed long-time president and CEO Mark Lardie. The shoe retailer said Mike Edwards was appointed to take over the helm following an extensive search led by Spencer Stuart and Manfred Kroneder, vice chairman of the Deichmann Group, the footwear retailer’s parent firm. After 14 years at Rack Room, Lardie’s last day was on May 1st. Lardie, who advised on the CEO search, will be honored at June’s Two Ten Gala, where he will receive the 2026 A.A. Bloom Memorial Award. The award recognizes an individual whose hard work, dedication, and initiative have furthered the foundation’s mission.
Athletic & Sporting Goods
The Vasco Group, a nationwide provider of sports surfacing construction, repair, and reconstruction services, announced the acquisition of Howard B. Jones & Son, Inc., headquartered in Mount Pleasant, South Carolina, and Court Surfaces of Florida, headquartered in Jacksonville, Florida. These acquisitions expand Vasco’s Southeast presence, reinforce its leadership across clay and acrylic surfaces, and deepen its capabilities in pickleball court installation and conversions. Vasco is majority-owned by Monogram Capital Partners, a Los Angeles-based private equity firm investing in leading consumer businesses and service platforms, with support from Halmos Capital Partners, a lower middle market private equity firm based in Miami, Florida. Headquartered in South Carolina, Howard B. Jones & Son, Inc. is a premier full-service tennis and pickleball court contractor with significant experience building, resurfacing, and maintaining courts across the Southeast since 1970.
Thule Group Acquires Dog Harness Maker Curli AG
Thule Group agreed to acquire Curli AG, a Swiss-based maker of dog harnesses, for SEK 118 million ($13 mm). Curli’s revenue in 2025 amounted to SEK 75 million ($8 mm). The product range complements Thule’s current range of products for safe dog transportation in cars and on bikes. Curli was founded in Switzerland in 2010 by Mark Zimmerman and Roland Primus with a goal of bringing dogs safely into mountain environments. Thule said Curli is a global leader in the premium segment, in particular for vest-style harnesses for smaller dogs.
Cosmetics & Pharmacy
Avista Healthcare Partners, a leading private equity firm focused exclusively on healthcare with over $10 billion invested in more than 50 healthcare businesses globally, has announced the launch of Birchwell Consumer Health, a new U.S. consumer healthcare platform formed to acquire differentiated, problem-solving over-the-counter and skincare brands. Birchwell’s first acquisition is Bag Balm, a Vermont-based therapeutic skincare brand founded in 1899, acquired from a seller group led by Gemini Investors. Birchwell represents Avista’s eighth consumer healthcare platform globally and its fourth in North America. Bag Balm is distributed nationally across leading brick-and-mortar and e-commerce retailers and has expanded from its iconic Original Bag Balm tin into adjacent formats and use cases over its 125-plus-year heritage. The platform is designed to capitalize on growing demand for accessible, low-cost self-care solutions and the expanding role of trusted OTC products in supporting consumer health.
Turpaz Industries Acquires U.S. Flavor and Fragrance Company Phoenix for $95 Million
Turpaz Industries Ltd., a global company that develops and manufactures flavors and fragrance, intermediates and specialty fine ingredients and markets and sells them in more than 90 countries around the world, announced that its wholly-owned U.S. subsidiary Klabin-Turpaz, Inc., has signed and closed an agreement to acquire 100% of the share capital of Phoenix Flavors & Fragrances Inc., a U.S.-based developer and manufacturer of fragrance and flavor extracts, from a U.S. private equity fund. The purchase price was $95 million, plus up to $5 million in contingent consideration based on Phoenix’s performance during the second and third quarters of 2026. The transaction was finalized on the day of closing and financed entirely from Turpaz’s own resources. Karen Cohen Khazon, Chief Executive Officer of Turpaz Industries, said, “We welcome the Phoenix team and its highly experienced management team to the Turpaz Group…”
Cosmogen acquires Asquan to create a global beauty packaging player
Cosmogen, the French cosmetics applicator packaging specialist, has acquired Hong Kong-based beauty packaging supplier Asqua to establish a new international player, Cosmogen & Asquan Group. The group, with consolidated revenue of $50m, will be led by Priscille Allais, CEO, alongside Henri Tinchant, founder of Asquan, who will serve as COO. It will bring together nearly 80 employees, with operations across Europe, the US, Asia, and the Middle East. The merger was supported by Weinberg Capital Partners, which became a majority shareholder of Cosmogen in December 2024, and is said to align with Cosmogen’s strategy to accelerate growth and become a leading global player.
Adwoa Beauty faces liquidation after bankruptcy filing
Adwoa Beauty, the prestige textured hair care brand, is set to enter liquidation after filing for bankruptcy. A US judge has ruled that Adwoa Beauty’s Chapter 11 bankruptcy protection be converted to Chapter 7. Chapter 11 allows a business and its creditors to negotiate to continue operating and find a viable path forward. Adwoa Beauty filed for Chapter 11 in October 2025. However, creditor Aurous Financial Services filed a motion in the U.S. Bankruptcy Court for the Northern District of Texas to convert the case to Chapter 7. Chapter 7 means there can be no recovery for the business, and assets are sold to repay debts. This motion was granted in a hearing on May 1st, according to court documents.
Discounters & Department Stores
Saks Global expects to exit bankruptcy in June with $1.2B in debt
Saks Global moved closer to exiting bankruptcy — with liquidity of nearly $700 million — as a judge in the U.S. Bankruptcy Court for the Southern District of Texas approved a key step in its reorganization plan. The conglomerate, formed in late 2024 in a $2.7 billion deal that almost immediately ran into financial trouble, expects to emerge around June 22 with about $1.2 billion in debt, including a term loan of about $750 million plus a $347 million ABL facility. Saks Global has lofty goals for its post-bankruptcy era. In a press release and filings last week, the company said that by fiscal year 2030, it expects to generate $9 billion in total gross merchandise value — nearly double that of 2026 — and achieve double-digit adjusted EBITDA.
Burlington to open over two dozen new stores across the country in May
Discount retailer Burlington is planning to open more than two dozen stores in 20 states this month as the company continues to expand its footprint with over 1,000 locations around the country. In March, the company said it planned to open 110 net new stores, plus a new distribution center in Savannah, Georgia, in its fiscal year 2026, which will end on Jan 30, 2027. Burlington operated 1,212 stores at the end of the fourth quarter of its fiscal year 2025, across 46 states, Washington, D.C., and Puerto Rico. Grand openings are expected to begin on May 8, with four in Santa Clarita, California, and Columbus, Ohio, and two more in the communities of Kent and Longview, Washington.
Emerging Consumer Companies
Crown Affair Raises Series C Led by Stride Consumer Partners
Crown Affair, the brand that made air drying aspirational, has closed a series C funding round led by Stride Consumer Partners as it looks to evolve from cult favorite to scaled prestige haircare player. The round marks Stride’s entrance into prestige haircare. Stride’s portfolio also includes beauty brands Odele, Skinfix and Patrick Ta. Crown Affair previously raised a $1.7 million seed round in 2020, followed by a $5 million series A in 2022 and a $9 million series B in 2024, both led by True Beauty Ventures. Founded in 2020 by Dianna Cohen, whose résumé includes stints at Away, Into The Gloss and her own consultancy, Levitate, Crown Affair has garnered a following for its elevated but simplified approach to haircare, with hero products like The Dry Shampoo, The Oil, The Leave-In Conditioner and The Towel. The brand originated after Cohen shared a Google Doc of the products she used and realized many women were relying on complicated, time-intensive routines she believed could be simplified.
Jesse & Ben’s raises $10 Million Series A Led by Greycroft
Jesse & Ben’s, the seed-oil-free french fry brand redefining the frozen potato category, announced the close of an oversubscribed Series A financing round led by Greycroft. The capital will fuel the brand’s continued retail expansion, supply chain investment, and leadership team build-out as the company scales nationally. The round was led by Greycroft, with investment from the firm’s consumer brands fund, championed by Partners Brian Bustamante-Nicholson and Eric Ryan. Ryan, co-founder of Method and Olly, will join the company’s board. Jesse & Ben’s reflects Greycroft’s focus on backing founder-led consumer brands with cultural momentum that are reinventing legacy categories. Alongside lead investor Greycroft, the round saw new participation from Rich Products Ventures, the corporate venture arm of the global, family-owned food company, Rich Products, along with existing backers Willow Growth Partners, Sling Ventures, Midnight Venture Partners, and grt sht ventures.
Food & Beverage
Post Holdings CEO to step down
Post Holdings said Robert Vitale will step down as president and CEO on Oct 1. He will be replaced by Nicolas Catoggio, the cereal maker’s executive vice president and chief operating officer. Vitale, who took over the top role in 2014, will remain executive chairman. He is set to provide strategic guidance on capital allocation and advise Catoggio. Catoggio became Post’s COO in January. He joined the company in 2021 and previously oversaw its Post Consumer Brands division, which includes cereals and pet food.
Babybel parent buys Brainiac snacks to expand better-for-you portfolio
GoGo squeeZ owner Bel Group purchased Ingenuity Foods, which makes Brainiac functional fruit snacks designed to improve brain health. The purchase price was not disclosed. Bel said the addition of Brainiac complements its existing portfolio of on-the-go, better-for-you, portion-sized snacks made from fruit, veggies, and dairy. Brainiac manufactures fruit pouches, fruit snacks, and gummy vitamins to support brain, gut, and immune health in kids and adults. The Paris-based Bel generates one-third of its sales in the U.S. through its Babybel, GoGo squeeZ, The Laughing Cow, and Boursin brands and has been investing to further build its presence in the country.
George Clooney-backed nonalcoholic beer nabs $15M investment
Crazy Mountain, the nonalcoholic beer launched by George Clooney and the founders of Casamigos, received $15 million in funding. The round was led by Cavu Consumer Partners, one of the initial backers of prebiotic soda brand Poppi. It also includes participation from incubators Coatue and Discovery Land, as well as the brand’s founders, George Clooney, Mike Meldman, and Rande Gerber. The nonalcoholic brew debuted in March with plans to launch its classic lager and lime varieties throughout the year. Crazy Mountain is led by CEO Steve Fechheimer, who previously ran New Belgium Brewing.
Grupo Bimbo commits $1 billion to elevate US business
Global baking giant Grupo Bimbo, which oversees the Bimbo Bakeries USA (BBU) subsidiary, announced its intent to make a nearly $1 billion investment in the US business between 2026 and 2028. This spending, according to the company, aims to emphasize its commitment to this key market, US jobs, and creating a stronger food system. “The United States has long been a cornerstone of Grupo Bimbo’s global success,” said Greg Koehrsen, BBU president. “This investment reflects our confidence in the strength of our brands in the United States and will ensure we can continue delivering nutritious and delicious bread, baked goods, and snacks to millions of American families.”
Grocery & Restaurants
McDonald’s sales rose last quarter, thanks to value and marketing
McDonald’s same-store sales rose 3.9% in the U.S. last quarter, the company said on Thursday, as value and marketing efforts proved effective with the brand’s customers. The Chicago-based fast-food giant said that its U.S. results were driven by positive average check growth. It is the fourth straight positive domestic same-store sales result for McDonald’s and comes despite a difficult economic backdrop, driven by high gas prices and low consumer confidence. Same-store sales also increased internationally, in most major markets and geographic regions. Revenues at the company increased 4% to $6.5 billion. Both revenue and earnings beat Wall Street’s expectations, according to the website Earnings Whispers.
Burger King’s sales surge while Popeyes struggles
Burger King’s U.S. same-store sales soared 5.8% in the first quarter, parent company Restaurant Brands International said on Wednesday, as the brand’s marketing apparently got customers to come in and taste the chain’s reconfigured Whopper. As a company, RBI’s same-store sales rose 3.2%, which beat Wall Street expectations. But within the restaurant chain operator’s performance were some wide differences. Notably, the chicken chain Popeyes continued its slump. Same-store sales at the chain declined 6.5%, the chain’s worst performance in at least 19 years. Same-store sales at Tim Hortons grew 1.6%, including 1.5% in Canada, where the coffee-and-doughnut chain is dominant. At Firehouse Subs, same-store sales in the U.S. rose 0.3%. Outside of the U.S. and Canada, same-store sales at RBI’s four brands rose 5.7%, including 5.4% at Burger King.
Applebee’s sues franchisee over Logan’s Roadhouse acquisition
Applebee’s is arguing that a franchisee’s purchase last year of the Logan’s Roadhouse chain violated its franchise agreement and is asking a court to step in. In a complaint filed Friday in Kansas district court, the casual-dining chain alleges that franchisee Apple Texas and related entities, along with principal shareholder Sunil Dharod, broke their covenant with the franchisor when parent company SSCP Management acquired Logan’s late last year. Applebee’s argues that Logan’s is a direct competitor, and that SSCP’s involvement with both brands creates a conflict of interest that could cause “severe, irreparable and continuing harm” to Applebee’s. The filing comes in response to a March lawsuit brought by Apple Texas against Applebee’s. That suit accuses Applebee’s of breaking its side of the franchise agreement by opening co-branded Applebee’s-IHOP locations in Apple Texas’ exclusive territory. Applebee’s is countering that those agreements are no longer valid because of the Logan’s purchase as well as other, earlier violations by the franchisee. And it is asking the court to force SSCP to divest its ownership of Logan’s.
Home & Road
Arhaus hits Q1 revenue high, while challenges fuel decline in income
While Arhaus achieved its highest first-quarter revenue ever, the Top 100 retailer attributed its decrease in net income for the period to a challenging operating environment. For the first quarter ended March 31, net revenue increased nearly 1% to $314 million. With expenses increasing by nearly 2%, the company reported a decline in net and comprehensive income of 54.5% to $2 million for the period. The company reaffirmed its guidance for the year, with confidence in its full-year 2026 outlook. The earnings report noted that the outlook for the year does not include any potential IEEPA tariff refunds.
Somnigroup Q1 profit surges as Mattress Firm fuels growth, Leggett deal advances
Somnigroup International reported a sharp jump in first-quarter profit Thursday, as the bedding giant reaped the benefits of a full quarter with Mattress Firm under its belt and plans to acquire industrial components maker Leggett & Platt. The company posted net income of $104.2 million for the three months ended March 31, swinging from a net loss of $33.1 million in the same period a year ago, when one-time costs tied to the Mattress Firm acquisition weighed on results. Earnings per diluted share came in at 49 cents, compared with a loss of 17 cents per share in the first quarter of 2025. On an adjusted basis, earnings per share rose 20.4% to 59 cents, and the company reaffirmed its full-year guidance of $3 to $3.40 in adjusted earnings per share, a projected increase of roughly 19% at the midpoint from 2025 levels. Total net sales climbed 12.3% to $1.80 billion from $1.60 billion a year earlier.
Havertys posts 3rd straight quarter of growth
Top 100 retailer Havertys continued its growth run for a third consecutive earnings period for the first quarter of fiscal year 2026. “We are pleased with our first quarter results, delivering written business, delivered sales, and comp-store sales growth for a third consecutive quarter,” said Steve Burdette, president and CEO. “Performance was led by strong Presidents’ Day demand, gross profit margin expansion and higher average tickets.” For the three months ended March 31, the Atlanta-based retailer posted net sales of $189.1 million, up 4.13% compared with $181.6 million over the same span in 2025. Net income totaled $4.3 million, or 26 cents per diluted share, an increase of 13.16% compared with $3.8 million, or 23 cents per diluted share last year. Havertys totaled EBITDA of $11.3 million in the first quarter, compared with $9.9 million, giving it an EBITDA margin of 5.93%. Other positive metrics included sales per square foot at $169, up from $162; and average ticket of $3,707, up from $3,314.
HNI posts Q1 loss as Steelcase acquisition, macro pressures weigh on results
Office furniture supplier HNI reported a first-quarter loss as acquisition-related costs and softer demand — particularly in workplace furnishings — offset revenue gains tied to its recent purchase of Steelcase. The HNI posted net sales of $1.35 billion for the quarter ended April 4, up 125% from a year earlier, largely due to the late-2025 acquisition of Steelcase. Despite the sharp increase in revenue, the company reported a net loss of $38.8 million, or 55 cents per diluted share, compared with net income of $13.9 million, or 29 cents per share, in the prior-year period. On a non-GAAP basis, diluted earnings per share totaled 34 cents, down from 44 cents a year ago. Company executives pointed to geopolitical uncertainty, including impacts from the Middle East conflict and tariffs, as key factors behind softer demand early in the quarter.
Jewelry & Luxury
Brilliant Earth Appeals to Higher-Income Shoppers in Q1
Brilliant Earth kicked off its fiscal year on a high note, with growing strength in non-bridal fine jewelry and a record Valentine’s Day performance. On a May 6th earnings call, CEO Beth Gerstein and Chief Financial Officer Jeff Kuo discussed the jeweler’s most popular fine jewelry offerings, upcoming store openings, the effect of the “K-shaped” economy on consumer spending, and the company’s outlook for the year ahead. For the first quarter ending March 31, the jewelry retailer posted net sales of $99.5 million, up 6 percent year-over-year and at the high end of its guidance. “Fine jewelry was a clear standout,” said Gerstein, noting a rise in visits to its showrooms to see its non-bridal fine jewelry offerings, particularly for its “Sol” collection, which launched in 2023.
Pandora Q1 2026 earnings beat estimates; stock jumps 11%
Pandora reported first-quarter revenue of 7.11 billion Danish kroner ($1.12 billion), beating analyst expectations of 7.09 billion kroner in a company-compiled poll, even as comparable sales in North America fell 2% due to weaker consumer sentiment. Pandora stock jumped 11% on the results. At 1.49 billion kroner, operating profit came in well above the 1.28 billion kroner analysts had penciled in, according to Reuters. However, the figure still represented a 9.3% decline from the prior-year period. A research note from RBC Capital Markets flagged that all three top-line metrics cleared the bar, with revenue, gross profit, and operating profit finishing 1%, 4%, and 17% above consensus estimates, respectively, according to WWD.
Hugo Boss Executives Explain Negative Results
It’s all part of the plan, executives at German menswear specialist Hugo Boss were keen to reassure, after the company reported its worst quarterly results in around two years. Over the first three months of the year, Hugo Boss sales sank 6 percent, in currency-adjusted terms, to 905 million euros. The German company’s operating profit — EBIT, or earnings before interest and taxes — also nosedived, falling by 42 percent in the first quarter. Over the same period last year, EBIT totaled 61 million euros; this year it came in at 35 million euros. “As you can see from the [results] announcement, the first quarter was characterized by the implementation of our strategy,” Hugo Boss chief financial officer Yves Mueller said at a telephone conference revealing the results on May 5th in Germany.
Office & Leisure
West Marine Eyes Chapter 11 as Restructuring Talks Continue
West Marine, the largest boating and marine supplies retailer in the United States, is laying the groundwork for a possible Chapter 11 bankruptcy filing, according to reporting first published by Bloomberg on May 1, 2026. The company has not filed, and discussions are ongoing. West Marine was publicly traded for many years before going private. Monomoy Capital Partners acquired the company in 2017 in a leveraged buyout valued at approximately $338 million. L Catterton took a controlling stake in April 2021. In late 2023, the company completed an out-of-court debt restructuring involving approximately $800 million in debt. L Catterton injected roughly two-thirds of a reported $150 million capital infusion, subordinated some of its own debt, and Oaktree Capital Management gained joint control as part of the arrangement. The company is currently jointly controlled by Oaktree Capital Management and L Catterton.
Technology & Internet
GameStop offers more than $50 billion in cash and stock to acquire eBay
The video game retailer GameStop has sent an unsolicited offer, valued at more than $50 billion, to purchase the online buying and selling platform eBay. It’s a pairing that seems a bit odd, given their very different businesses and the fact that GameStop is aiming to buy a much bigger company. GameStop CEO Ryan Cohen has been wanting to invest in something for a while, said Michael Pachter, a former Wedbush Securities analyst who covered GameStop for more than 20 years. “I thought he’d buy something for nine billion in cash, and instead he’s trying to buy something for 50-plus billion in cash and stock,” Pachter said. It’s kinda like a minnow attempting to eat a whale, said Eric Talley, a professor at Columbia Law. GameStop said its stores could give eBay a physical space for “intake” and “fulfillment.” But there could be other reasons.
Amazon opens up its logistics network to other businesses in new growth push
Amazon.com is giving other businesses access to its supply chain network that has powered the e-commerce behemoth’s operations for decades, pitting it directly against logistics heavyweights such as UPS and FedEx. The tech giant’s “Amazon Supply Chain Services” will allow companies across industries, such as retail, healthcare and manufacturing, to use its supply chain network to move, store and deliver everything from raw materials to final products. By opening up the service that has also supported thousands of independent third-party sellers worldwide, Amazon is tapping into a new growth opportunity for its e-commerce unit. Its fleet of more than 100 cargo planes, and a vast network of warehouses and sorting hubs could make Amazon a key player in an industry long dominated by FedEx and UPS, potentially intensifying competition on pricing and speed. Amazon also offers distribution, fulfillment, and parcel shipping services, allowing companies to take advantage of its speedy two-to-five-day delivery timelines, and warehousing and inventory forecasting capabilities. Companies can use these solutions across all their sales channels, including their own website, social media channels, and physical stores, Amazon said.
Finance & Economy
U.S. payrolls jump more than expected, but the report had several red flags for the economy
Nonfarm payrolls rose by a seasonally adjusted 115,000 in April, down from the 185,000 created in an unusually strong March, but better than the 55,000 forecast. The unemployment rate held at 4.3%, further proof that the labor market has reached a point where only modest job creation is needed to keep the jobless level steady. Average hourly earnings came in lower than expected, rising 0.2% for the month and 3.6% on an annual basis, compared with estimates of 0.3% and 3.8%, respectively. Following recent trends, healthcare led with 37,000 new positions, though multiple other sectors also saw gains.
Consumer sentiment falls to a fresh record low in May as surging gas prices hit outlook
Surging gas prices due to the war in Iran sent consumer sentiment to a new low in early May, according to a University of Michigan survey on May 8th. The school’s closely watched Survey of Consumers posted a 48.2 preliminary reading, down 3.2% from April’s prior record swoon and off 7.7% from a year ago. Economists surveyed by Dow Jones had been looking for 49.7. Inflation fears were the primary driver of the continued trend lower in consumer attitudes. The trend, which also saw the current conditions index tumble 9%, is “owing to a surge in concerns about high prices both for personal finances as well as buying conditions for major purchases,” the survey’s director, Joanne Hsu, said. One-third of respondents mentioned gas prices as the biggest cause of concern. However, another one-third also cited tariffs — both connected to President Donald Trump, who launched an attack on Iran in late February and announced an aggressive slate of tariffs in April 2025.
