La Comer SAB de CV (LACOMERUBCC.MX): 2Q26 Results: Slight Miss. Margin Holds Amidst Consumption Weakness

Research evidence excerpt

La Comer SAB de CV (LACOMERUBCC.MX): 2Q26 Results: Slight Miss. Margin Holds Amidst Consumption Weakness

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22 Jul 2026 23:01:21 ET │ 11 pages

La Comer SAB de CV (LACOMERUBC.MX)

2Q26 Results: Slight Miss. Margin Holds Amidst Consumption

Weakness

CITI'S TAKE Buy

Price (22 Jul 26 14:00) P$34.02 La Comer’s 2Q26 results were slightly softer than expected, with EBITDA -

Target price P$47.00 2% below our and consensus estimates, primarily reflecting weaker top-

line momentum. On the bright side, underlying margins were relatively Expected share price return 38.2%

resilient, beating CitiE/Street estimates by 16/12bps. Net sales increased Expected dividend yield 0.6%

6%YoY to P$12.9bn, 3% below both CitiE and consensus, with SSS Expected total return 38.7%

slowing to 2.9% from 5.5% in 1Q26. Gross margin expanded 67bpsYoY to Market Cap P$17,123M

29.4%, 37bps/40bps above CitiE/consensus, supported by a favorable US$985M

mix, and logistics and inventory efficiencies. Reported EBITDA declined 7%

to P$1.33bn, with margin contracting 143bps to 10.3%. However, 2Q25

included a P$162mn gain from a land sale. Excluding this effect, EBITDA

grew approximately 5%YoY, while margin contracted only 10bps to 10.3%. Renata CabralAC

Net income declined 16% to P$671mn, 4%/2% below CitiE/consensus. +55-11-4009-7561

Overall, the cleaner EBITDA margin performance is reassuring, in our view, renata.cabral@citi.com

but slowing SSS and persistent expense pressure remain key Luis Felipe Terzariol

watchpoints. +55-11-4009-3564

luis.terzariol@citi.com

SSS Decelerates Despite Promotional Support — Net sales increased 5.7%YoY to

P$12.9bn, supported by 2.9% SSS growth and a 4.8% expansion in selling space. All

formats, regions, and categories posted growth, with Mexico City and the northern