Chedraui 2Q26 Review: In line. Soft Demand Recovery Remains Deferred

研报英文原文证据摘录

Chedraui 2Q26 Review: In line. Soft Demand Recovery Remains Deferred

Flash |

22 Jul 2026 22:39:18 ET │ 12 pages

Chedraui (CHDRAUIB.MX)

CITI'S TAKE

Neutral Chedraui reported a mixed 2Q26, reflecting continued softness in

consumer demand across both Mexico and the U.S. Consolidated revenue Price (22 Jul 26 14:00) P$87.01

declined 3.9%YoY, while EBITDA fell 2.2%YoY, with a 70bpsYoY gross Target price P$95.00

margin expansion limiting the earnings impact of weaker sales. In our Expected share price return 9.2%

view, the key message remains unchanged: demand continues to lag. Expected dividend yield 2.5%

Mexico SSS increased only 1.3%YoY, remaining below inflation, while U.S. Expected total return 11.7%

SSS declined 2.3%YoY, reflecting continued pressure at El Super and

Market Cap P$83,464M Fiesta Mart. Although Mexico revenue grew 5.1%YoY, this was largely

US$4,799M driven by 4.4%YoY selling space expansion. Despite maintaining its FY26

guidance, we believe the outlook has become more challenging, as Mexico

SSS of 1.3%YoY remains well below the company's 3–4% target, while U.S.

SSS declined 2.3%YoY versus guidance for 1–2% growth. Absent a Renata CabralAC

meaningful acceleration in demand during 2H26, we believe FY26 +55-11-4009-7561

guidance will come under increasing pressure. We therefore maintain our renata.cabral@citi.com

Neutral rating.

Luis Felipe Terzariol

+55-11-4009-3564

Mexico: Traffic Weakness Keeps Guidance Challenging. — Mexico revenue luis.terzariol@citi.com

increased 5.1%YoY, supported by 4.4%YoY selling space expansion, while SSS rose

only 1.3%YoY, well below the company's 3–4% FY26 guidance. SSS growth was

entirely driven by a 2.2%YoY increase in average ticket, as transactions declined

0.9%YoY, highlighting continued traffic weakness.