Brazilian Retailers "UBS Shopping Cart: Website visits; eCommerce MAU" Strano

Research evidence excerpt

Brazilian Retailers "UBS Shopping Cart: Website visits; eCommerce MAU" Strano

observed so far. While we believe the broad-based DTC growth across categories

supports the view that SFER's turnaround remains on track, we do not expect the

release to materially improve market sentiment given the pause in sequential

topline acceleration. Following the Q1 print, we reduce our 2026E OSG by -60bp to

+3% (vs. +4% previously), reflecting more cautious commentary on wholesale. This

results in ~1% cuts to our sales estimates across 2026E-28E. The drop-through from

lower sales is partly offset by updated financial expenses, leading to modest EBIT

downgrades of ~€2m p.a. over the same period. Overall, we continue to view the Q1

print as indicative of stabilising momentum within SFER's turnaround journey, but

expect it to temper near-term market enthusiasm following recent share price

outperformance - stay Neutral. See full report here.

Burberry: Solid end to FY26 overshadowed by sentiment

Yesterday morning BRBY reported its FY26 results, which came in-line with cons on

LFL and ahead on H2 profits by +5%. The company delivered a healthy end to the

year with a sequential acceleration across major consumer clusters (Chinese +MSD

and Americans +HSD) and a solid gross margin beat, thus confirming the progress of

its turnaround, due to better full price sales and lower mark-downs. Despite the

confident tone from management, which stood out among peers in the uncertain

geopolitical context, the shares reacted negatively due to the lack of earnings

upgrades and very positive positioning heading into the print. With the results

ticking all the right boxes, we see yesterday's sell-off as a buying opportunity into

the best turnaround story in our coverage. We make no meaningful changes to our