Daily Brief Consumer: Sun Corp, PDD Holdings, Ross Stores Inc, Lowe’s Companies Inc, Trip.com, VenHub Global, Walmart and more

• In April I wrote about Sun Corp (6736 JP). Activists had bought more and the stock was trading at the value of its CLBT holdings. Then it widened sharply. 
• The discount widened out to 30% in June and July, but jumped when CLBT shares tanked four weeks ago on reduced guidance and a possibly sudden CEO change. 
• Then CLBT bounced and fell while Sun Corp continues to rally. That puts Sun Corp at 10+% through its CLBT holdings value. But there are possibly other things afoot.

• PDD Holdings, Inc. reported steady revenue growth in the second quarter of 2026 amid ongoing investments in platform governance, supply chain enhancement, and broader ecosystem support.
• Group revenue rose 8% year-over-year to RMB 112.4 billion, driven primarily by an increase in transaction service revenues, which grew 13%.
• However, net income declined 12% year-over-year to RMB 27.2 billion, influenced by elevated investment levels in platform improvement and industry ecosystem development.

• Ross Stores reported a robust second quarter of fiscal 2026, demonstrating solid top-line growth with total sales increasing 13% to $6.3 billion and comparable store sales advancing 10%, marking consecutive quarters of double-digit comp growth.
• The growth primarily stemmed from increased customer traffic, supported by successful customer acquisition efforts reaching a broad demographic spectrum, including younger shoppers and diverse income groups.
• Both Ross Dress for Less and its subsidiary dd’s DISCOUNTS experienced broad-based strength across merchandise categories and geographies, notably driven by home and cosmetics sectors, and particularly strong performance in the Midwest.

• Lowe’s Companies reported second quarter fiscal 2026 sales of $26 billion, an 8.3% increase year-over-year, with comparable sales rising 0.2%.
• The company noted modest price inflation contributing to a 2.3% rise in average ticket size, although comparable transactions declined 2.1%, pressured by reduced demand in weather-sensitive seasonal and outdoor categories.
• Sales growth was supported by strong performances in Pro customer segments, online channels—which grew 15.7%—and Home Services, partially offsetting softness in the Do-It-Yourself (DIY) discretionary segment amid macroeconomic challenges including elevated fuel prices and heightened economic uncertainty.

• Trip.com will finally report Q2 results after the US close on Tuesday, September 15
• Earlier investigation, now concluded, was likely a drag on growth & earnings in period
• Management commentary could indicate pace of recovery from Trip.com’s latest stumble

• VenHub Global, Inc. is a fully autonomous and robotic-operated store utilizing AI and smart inventory management systems for a seamless shopping experience.
• VenHub Global commenced trading as “VHUB” on NASDAQ on January 30, 2026, and increased authorized common stock to 300,000,000 shares.
• Net losses were approximately $62.4 million for 2025, with an accumulated deficit of approximately $109.2 million as of June 30, 2026.

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• Walmart Inc. reported second-quarter fiscal 2027 results showing continued strength across its diversified retail and e-commerce operations despite a challenging macroeconomic environment.
• Net sales increased 5% on a constant currency basis, near the high end of guidance.
• Walmart U.S. comparable sales excluding fuel rose 2.6%, supported by transaction and unit growth.