Latin America | Diario

研报英文原文证据摘录

Latin America | Diario

razil Retail | Brazil Consumer Trends – Food vs. Apparel. Food consumption in Brazil continues Source: ANTAD, Jefferies

to show strong resilience, supported by the prioritization of essential spending. According to IBGE

data, supermarket and grocery sales rose +1.3% m/m in April and reached a new record level in

the historical series. Importantly, this strength came despite a -1.5% decline in overall retail sales

in the same period, highlighting the defensive nature of the segment. IBGE data show that clothing

sales are still nearly 20% below pre-pandemic levels (-19.8% vs. Feb-20), even as total retail operates

~10.4% above pre-pandemic levels, underscoring a clear divergence across categories.

Mexico Retail | Weak department stores, strong convenience retail. In May, same-store sales

grew just +0.8% YoY, while total sales increased +3.0% YoY, according to ANTAD. This marks a

sharp slowdown versus last year (DD growth in May 2025) and represents one of the weakest Pedro Baptista * | Equity Analyst

May performances since the pandemic period. Total monthly sales reached MXN 150.4bn, with +44 (0) 207 029 8351 | pbaptista@jefferies.com

year-to-date sales of MXN 676bn through May. The data show a clear divergence across formats. Alejandro Anibal Demichelis * | Equity Analyst

Autoservicios (grocery/basic consumption) remained relatively resilient, with +2.5% SSS, reflecting +34 919498377 | ademichelis@jefferies.com

steady demand for essentials. Specialized retailers (convenience and drug retail) were the strongest Inigo Vega * | Equity Analyst

segment, posting +5.3% SSS (+9.2% total). In contrast, department stores declined (-4.2% SSS), +34 910769995 | ivega@jefferies.com

highlighting ongoing weakness in discretionary spending.