Grupo Comercial Chedraui SAB de CV: 2Q26: First Impressions

研报英文原文证据摘录

Grupo Comercial Chedraui SAB de CV: 2Q26: First Impressions

Equity Research

Mexico Consumer

22 July 2026

Grupo Comercial Chedraui SAB de CV

2Q26: First Impressions

Top-line contracted as expected, profits were slightly ahead

of our cautious estimates. EBITDA contracted 2% YoY yet the

CHDRAUIB.MX/CHDRAUIBmargin improved 15bps YoY. SSS growth in Mexico further MM EQUAL WEIGHT

deteriorated, while in the US SSS remained negative. Stay Mexico Consumer NEUTRAL

Price Target MXN 120.00

EW. Price (22-Jul-26) MXN 86.94

Potential Upside/Downside +38.0%

Source: Bloomberg, Barclays Research

On a consolidated basis sales contracted 4% YoY, fairly in-line with our expectations on the

back of further softening SSS growth in Mexico (1.3% vs. 2.1% in 1Q) while in the U.S. SSS growth

was down 2.3% YoY, which given adverse FX resulted in a total sales decline of almost 12% in the Mexico Consumer

U.S. operations. Overall profitability performance was mixed. Gross profit on a consolidated Benjamin M. Theurer

basis improved 70bps, as both regions contributed to better gross margins (in Mexico on the +52 55 5241 3322

back of better promotion timing; in the U.S. on the back of the monetization of supply chain benjamin.theurer@barclays.com

BCCB, Mexicoimprovements). Expenses were relatively flat YoY driving better than expected operating income

and EBITDA. With 1H results coming in softer, we believe company guidance for 2026 is unlikely Rahi Parikh

to be achieved - as a reminder, Chedraui generally does not update its annual guidance +1 212 526 0150

provided in January. We reiterate our EW rating, as we continue to see subdued top-line rahi.parikh@barclays.com

BCI, USperformance, and weaker than initially expected margin expansion from the supply chain