Latin America Retail: LatAm Retail Headline Monitor: Atacadão SSS More Modest Including Calendar Effects; U.S. Imposes More Tariffs on BZ

Research evidence excerpt

Latin America Retail: LatAm Retail Headline Monitor: Atacadão SSS More Modest Including Calendar Effects; U.S. Imposes More Tariffs on BZ

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24 Jul 2026 07:44:49 ET │ 10 pages

Latin America Retail

LatAm Retail Headline Monitor: Atacadão SSS More Modest Including

Calendar Effects; U.S. Imposes More Tariffs on BZ

CITI'S TAKE

In this note, we summarize headlines/news with implications for our

coverage. We hope you find this useful.

João Pedro SoaresAC

Carrefour Returns to Comparable Sales Growth in Brazil as Atacadão Recovers +55-11-4009-7562

joao.soares@citi.comand Financial Services Expand (07/23/2026, Valor Econômico)

Felipe Husein

+55-11-4009-7137

felipe.husein@citi.com

Carrefour’s sales in Brazil reached €5.46 billion in the second quarter of 2026, up 9%

year over year, while comparable sales excluding currency effects increased 0.4%,

reversing the 0.8% decline recorded in the first quarter. Atacadão’s comparable

sales rose 0.5%, with volumes stabilizing from the beginning of the quarter, while

comparable retail sales declined 0.6%, mainly due to the deliberate slowdown of

non-food e-commerce. Carrefour also expanded its private-label Bulnez portfolio to

200 products. The financial-services division increased its credit portfolio by 13%

and revenue by 8%. Brazil’s recurring operating income reached €359 million in the

first half, up 5.8% year over year, while the operating margin increased nine basis

points to 4%.

Citi's Take: While our initial view was positive for ASAI (see note here), especially

given the comment on “stabilizing vols”, on a second look, we note that CARR’s

reported +0.5% SSS for Atacadão excludes a -1.1% negative calendar effect (at a

group level). Adjusting for this suggests underlying SSS was only modestly better