C&A Modas S.A.：2Q26盈利：同比比较；业绩符合预期

研报英文原文证据摘录

M

Update

August 5, 2026 02:00 AM GMT

Morgan Stanley & Co. LLC

C&A Modas S.A. | Latin America

Andrew R Ruben

Equity Analyst

2Q26 Earnings: Comping the

Comp; Results In-Line

Morgan Stanley C.T.V.M. S.A.+

Alexandre K Namioka, CFA

Equity Analyst

Joao Marcelo Nogueira

Research Associate

AlphaSignals Earnings Reaction

Unchanged

In-line

Largely unchanged

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

C&A Modas S.A. (CEAB3.SA, CEAB3 BZ)

LatAm Retail & eCommerce | Brazil

Source: Company data, Morgan Stanley Research

Key Takeaways

C&A's 2Q apparel comps of +4.1% were largely in-line with consensus (+4.0%) /

Stock Rating

Industry View

Price target

Shr price, close (Aug 4, 2026)

Mkt cap, curr (mm)

52-Week Range

Overweight

No Rating

R$18.50

R$9.72

R$2,970

R$18.07-9.12

MSe (+4.5%), while we view the result favorably, facing a +17.0% comparison

base.

Adj. EBITDA (post-IFRS) was a slight -1% y/y as GM gains (incl. apparel margins)

balanced SG&A de-leverage, in-line with consensus but -1% vs MSe.

C&A's apparel comparison base eases from +16% in 1H to +4% in 2H, supporting

an accelerating growth path despite a muted consumption backdrop.

We see discounted valuation at 5.6x our 2026E P/E, and we believe a 2H pick-up

could be a stock catalyst.

C&A delivered +4.1% apparel comps for a +21.8% two-year stack; revenue was

+1% y/y and EBITDA -1% y/y, while we look for accelerating growth into 2H as the

comparison base meaningfully eases. C&A's overall comps were +0.4% (+0.8%

1Q); apparel comps decelerated -70bps q/q, but the two-year stack marked a

+130bps acceleration. Winter collection performance and holiday campaigns

balanced a World Cup traffic drag. Conversely, electronics and beauty comps

decreased -38% y/y by our calculation (-37% 1Q), with electronics phase-out impacts

and beauty industry challenges, per management. On net revenue +1% y/y (0% 1Q),

C&A's 2Q gross profit increased +4% (+3% 1Q) — for margins +140bps y/y to 58.1%,

-70bps below MSe but +30bps above consensus. The result included +170bps of

retail gross margin expansion, with apparel margin increasing +60bps (to 59.1%) and

coming in +40bps ahead of MSe.…