Brazilian Retailers "UBS Shopping Cart: Stone retail sales; World cup bo..."

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Brazilian Retailers "UBS Shopping Cart: Stone retail sales; World cup bo..."

broad-based trends across its four categories, and strength from its higher-income

customer cohorts was a bright spot in light of the unfavorable backdrop. But, the

main focus from the print was on the company's 2026 outlook. Although it raised its

comp and EPS guidance for the full-year, the debate continues to center on whether

ASO can drive sustainable positive comp growth over a prolonged period. See full

report here.

Designer Brands: A Slower Recovery Ahead; Lowering PT and Stay Neutral

DBI remains one of the largest fashion footwear retailers in the US. However, we see

limited LT growth potential given: 1) Its main banner DSW is relatively mature and is

likely losing share against other retail channels; and 2) DBI's skew towards seasonal

footwear should continue weighing on total sales growth. While DBI's Q1 result

showcased sequential sales improvement (link), its Q1 retail comp sales miss

indicates its turnaround could take longer to materialize. This factor along with

SG&A pressures cause us to lower our FY26-28 EPSe and Price Target. Overall, we

see DBI achieving LSD% revenue growth over the long term. We believe this muted

growth will likely limit any expansion in DBI's P/E multiple. As such, we continue to

rate DBI Neutral. See full report here.

Ross Stores: UBS Evidence Lab inside: What K-Shaped Economy?

We believe ROST will outgrow Dept. Store peers over the next few years. UBS

Evidence Lab's 9th annual US Off-Price and Department Store Retailers Consumer

Survey reinforces our conviction in this view. We forecast ROST delivering a ~7.5% 5-

yr. EPS CAGR and think this outlook justifies a ~27x P/E. However, we believe the

market holds a similar view and rate the stock Neutral.