Brazil Consumer & Retail

Tracker #6 - What to Watch

Luiz Guanais
Luiz.guanais@btgpactual.com
Phone: +55 (11) 3383-2755

Gabriel Savi
Gabriel.savi@btgpactual.com
Phone: +55 (11) 3383-3436

September 2019
 Summary

1 2 3 4 5 6 7 8

Macroeconomic Retail Sector KPIs E-commerce Apps Tourism Food Retail Pharma Retail Apparel and footwear
Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Section 7 Section 8
 Macroeconomic

Seasonally-adjusted unemployment rate (%) Labor underutilization (%)

24. 8
12. 5

24. 6

12. 0

24. 4

24. 2

11. 5

24. 0

12.2 12.2 12.1 12.1 12.3 12.2 12.2 23. 8

24.6 24.6 24.6

12.1 12.0 12.0 24.4 24.4 24.5 24.5 24.4 24.4
11.9 24.4 24.4
11. 0

11.9 11.9 11.8 23. 6

24.3 24.3

23. 4

10. 5

23. 2

23. 0
10. 0

Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19

Source: IBGE 3
 Macroeconomic

Consumer confidence Index

Consumer confidence rose 0.5% in

96
September, the third consecutive
94
monthly growth, driven up by an
improvement in the expectation index.
92

90

88

86

84

82

80
Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19

4
Source: FGV
 Macroeconomic

Retailers’ confidence Index Households’ consumption intention

100 .0

98.5 98.1
127.1
130 .0

124.9 125.2 96.2

95.9
125 .0

122.4 121.6
120.9 94.6
120 .0

116.8 92.5
115.5 114.9 91.2 91.3 91.4
115 .0

89.8
109.8 90. 0

110 .0

107.7
106.1 87.6
86.9 86.7
103.9 103.7
85.6
105 .0

85.1
100 .0

95. 0

80. 0

90. 0

Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19

Although falling for the fifth consecutive month,

retailers’ confidence is 11% higher than in the same
period of 2018.
Source: CNC 5
 Macroeconomic

Uncertainty Index Uncertainty Index vs. Activity

Uncertainty - Normalized
3.5 %

102 .0

IBC-Br 3-month average y/y 101.1

3.0 %

101 .5

101 .0

100.8
100.7 100.7 100.7 100.8
100.7 2.5 %

101 .0
100.6
100.5 100.5
100.4 100.4
100.4 2.0 %

100 .5

1.9% 1.8% 100.1

1.7%
1.5 %

1.5% 1.6%
100 .0 100 .0

1.3% 1.0 %

101.1
100.7 100.7 100.8 100.7 100.8 1.0%
100.7 100.6 0.9% 0.9%
99. 5

100.4 100.4 100.5 100.5 0.9%

100.4 0.5 %

100.1 0.6%
0.4%
99. 0
0.3% 0.0 %

-0.1%
99. 0 -0.5%
98. 5

Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19

Source: BCB and BTG Pactual Source: BCB and BTG Pactual

6
 Macroeconomic

Household debt: % of annual income Household debt servicing: % monthly income

Household debt Ex-mortgage Household debt servicing Ex-mortgage

44.3
45.0 28.0

44.0
43.5 43.6 20.6
43.3
42.8 43.0 27.0

20.3 20.3
42.5 42.7 20.2
42.2 42.3 20.0 19.9 20.0
42.0 19.8 19.8 19.8 19.8 19.9 19.9
41.9 41.9 19.8
25.6 26.0

25.4
25.1
24.7 24.9
25.0

24.4
24.2 24.0
23.9
23.7 23.8 18.3
23.5
24.0

23.4 23.5
17.8 17.9
17.7 17.6 17.6 17.6 17.6
23.0
17.5 17.4 17.5 17.5 17.5 17.5

22.0

35.0 21.0 16.3

May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19

Source: BCB

7
 Total retail sales (y/y growth)

CF&T Apparel
+19.8% y/y +6.1% y/y
Retail Sector KPIs +11.3% y/y
In sales
Household appliances Food retail
and white goods
+4.5% y/y
+12.6% y/y
Sales during “Semana do Brasil” – Source: Cielo
from Sept 6 to Sept 15
E-commerce sales (y/y growth)

R$2.2bn The trend of resilient sales growth in festive dates in Brazil

continues, especially in the online segment.
In sales
As comparison, Brazil’s first Black Friday, in 2011, registered
+30.3% y/y 14% y/y sales growth.

Source: Social Miner 8

 Retail Sector KPIs

Cielo’s retail Index (ICVA) Brazilian retailers’ Index

ICVA - (y/y real growth)
7.0 %

10. 0%

Volume growth (y/y)

6.0 %
Nominal revenues growth (y/y)
8.0 %
7.6% 7.5% 7.3%
6.8% 6.7%
5.0 %

6.0 %
5.8%
4.7% 4.7% 4.6% 4.5% 4.8%
4.0 %

4.4% 4.1% 4.1% 4.0% 4.3%

3.9%
4.0 %

3.5% 2.9% 2.8%

3.3%
3.0 %

3.2% 1.9% 1.9% 1.8%

2.0 %

1.0%
2.0 %

2.3% 0.6%
2.2% 0.1% 0.5% 0.2% 0.1%
1.9% 2.0%
0.0 %

1.0 % 1.5%
0.5% -2.0%
-1.0%
0.0 %

-0.7%
-4.0%

-1.0%

-4.5%
-2.0% -6.0%

Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19

Source: Cielo Source: Sidra - IBGE

Drugstores, apparel, sporting goods and restaurants were the main

positive highlights in August, while pet stores, jewelry and tourism
pulled the index down. 9
 Retail Sector KPIs
Bankruptcy: # of fillings Bankruptcy: # granted

41 38
39 40
38
34 35 31 31
32 29
30 30 27 27 27
24 25
26 22
22 22 23 21
18 17 17
16

Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19

10
Source: Serasa
 Retail Sector KPIs
Chapter 11: # of fillings Chapter 11: # granted

73
52
47 47
42 40
32 40
29 28 29 38
25 23 24
20 25 27 25 24
17 21 21
19 16 16
11 14

Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19

11
Source: Serasa
 Retail Sector KPIs
Store openings/closures (# of stores)
Store openings (closures) in the period Changes (y/y)
2015 2016 2017 2018 1Q19 2Q19 2015 2016 2017 2018
# of retail stores (101,916) (105,290) (19,262) 8,137 (39) 3,367 -13.5% -13.8% -2.9% 1.3%
Hyper & Supermarkets (27,258) (33,831) (5,692) 4,510 645 2,071 -11.3% -14.0% -2.7% 2.2%
Construction material (13,091) (11,112) (3,714) (926) (151) (305) -18.3% -15.5% -6.1% -1.6%
Other articles of personal use (11,497) (10,133) (2,221) 1,747 57 393 -13.2% -11.6% -2.9% 2.3%
Apparel & Footwear (18,749) (19,904) (2,110) 279 (388) 598 -14.0% -14.9% -1.9% 0.2%
Furniture & Household appliances (7,210) (6,986) (2,068) (176) (192) 30 -15.0% -14.5% -5.0% -0.5%
Fuels & Lubricants (4,252) (5,804) (1,842) 82 (67) 9 -12.4% -16.9% -6.5% 0.3%
Automotive retailers (9,051) (9,011) (1,659) 997 253 25 -14.9% -14.8% -3.2% 2.0%
Bookstores, Magazines & Stationery (1,908) (2,107) (487) 163 (167) 188 -14.0% -15.5% -4.2% 1.5%
Office, communication & IT equipment (3,230) (2,081) 105 22 167 (235) -16.6% -10.7% 0.6% 0.1%
Pharmaceuticals & Cosmetics (5,670) (4,321) 426 1,439 (196) 593 -11.2% -8.5% 0.9% 3.1%
1,00 0,000

# of retail stores Changes (y/y) 1.3%

-2.9%
0.1

900 ,000

-13.5% -13.8%
800 ,000 -0.1

700 ,000

-0.3
Brazil registered net adds of 3.3k stores during
600 ,000

-0.5
2Q19, with food, pharma and apparel retailers as
the main highlights of the period.
500 ,000

878,839
760,590
400 ,000 -0.7

300 ,000
655,300 636,038 644,175
-0.9

200 ,000

-1.1

100 ,000

0 -1.3

Source: CNC 12
2014 2015 2016 2017 2018
 DCs (#) 16 15 2 26 1

Hubs/Cross docking (#) 3 200 3 63 n.a.

E-commerce Available stores as hubs (#) 959 1,518 n.a 1,050 n.a

Total storage area (sqm) 413,200 600,000 200,000 1,000,000 47,000

Third party carriers (#) 2,000 3,000 n.a 200 n.a

% of shipments by Correios 10% 5% 70% n.a.¹ n.a

60% of deliveries
Companies’ ecosystem 60% of deliveries 50% of deliveries
in up to 48h 60% of deliveries
Free-shipping in at
Average delivery time in up to 48h (1P) in up to 48h least 48h (Prime
(through Mercado in up to 48h (1P)
24h in SP and BH (through LET'S) members)
Envios)

NPS in Brazil ² 7.8 7.3 n.a. 5.3 5.4

Sellers (000) 8.1 31.0 6,900.0 4.5 n.a

SKUs (mn) 7.5 12.1 224.0 (live listings) 2.0 0.6

August 2019 - app downloads ³ 2.2 2.6 4.5 0.4 0.8

August 2019 - Desktop traffic ³ 83.8 151.4 286.0 52.3 47.0

Active users (mn) - Payment platform n.a. 4.0 4.5 n.a. n.a.
Source: Companies, BTG Pactual
¹ 90% of VVAR’s products are delivered by 3rd parties
² Reclame Aqui (Last 6-months consumer grade) / MGLU and Amazon considers 1P+3P 13
³ Similarweb and Sensor Tower
 E-commerce
Website monthly visits (millions)
Total monthly visits (mn) Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19
Mercado Livre 299.5 285.0 294.0 268.0 292.0 286.0
Americanas.com (B2W) 93.7 84.3 85.3 97.6 106.0 115.5
Submarino.com (B2W) 20.8 19.0 22.2 21.0 21.9 20.9
Shoptime (B2W) 11.4 13.9 14.1 13.6 16.6 15.0
Magazine Luiza (MGLU) 43.6 40.8 46.6 46.9 50.7 44.8
Netshoes (MGLU) 24.7 25.2 25.7 26.0 27.9 29.5
Zattini (MGLU) 7.3 7.4 8.3 9.5 10.3 9.5
Casas Bahia (VVAR) 31.5 28.4 30.5 30.0 29.5 28.8
Ponto Frio (VVAR) 12.0 10.1 12.3 10.9 10.7 9.7
Extra.com.br (VVAR) 15.6 13.5 12.7 11.7 13.3 13.8
Amazon 33.5 36.1 41.3 39.0 47.0 47.0
Total 593.6 563.7 593.0 574.2 625.9 620.5

% of organic visits* (August 2019)

94% 93% 92% 90% 93%

86% 81% 83%
79% 80%
75%

Mercado Livre Americanas.com Submarino.com Shoptime (B2W) Magazine Luiza Netshoes Zattini (MGLU) Casas Bahia Ponto Frio Extra.com.br Amazon
(B2W) (B2W) (MGLU) (MGLU) (VVAR) (VVAR) (VVAR) 14
Source: Similarweb
*Organic visits: Direct searches + e-mail + unpaid search
 E-commerce

Food retailers’ website visits (mn) CF&T players’ website visits (mn)
Natura O Boticario Avon Hinode Jequiti
Carrefour
GPA
1.3
Walmart 4.5

9.8 1.7 9.6 1.3

9.6 4.0
4.6 1.3 1.2
3.2 1.3 4.9 4.6
1.6 1.5 1.5 9.0
4.1
2.8 2.7 4.2
2.5 3.5 8.4 8.1
2.5 9.1
9.2 25.6
20.3
15.5 16.0
17.4 16.2 12.4
14.3 14.9 14.9 14.1
13.7

14.9 15.0 17.3 14.9

11.9 13.5

Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19

Source: Similarweb From July onwards, O Boticario numbers considers also

Beleza na Web website visits.
15
 E-commerce – Reclame Aqui
B2C – Consumers’ grade – Last 6 months
7.80

7.48
7.30 7.30
7.22 7.27
7.12 7.25
7.10 Magazine Luiza
Centauro
6.69 Shoptime (B2W)
Americanas.com (B2W)
Submarino.com (B2W)
Amazon
Extra.com (Via Varejo)
Casas Bahia (Via Varejo)
Ponto Frio (Via Varejo)

5.42
5.38 5.34
5.28 5.33
5.21 5.27
5.18

Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19

Source: Reclame Aqui 16

 E-commerce – Reclame Aqui
Marketplace – Consumers’ grade – Last 6 months
6.94
6.81

6.67
6.59 Americanas.com (B2W)

Shoptime (B2W)

Submarino.com (B2W)

Casas Bahia (Via Varejo)

6.03
5.93 Ponto Frio (Via Varejo)
5.87
5.80
5.75 Extra.com (Via Varejo)
5.70

5.55

5.34

Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19

Source: Reclame Aqui 17
 E-commerce – Reclame Aqui
B2C – Would purchase again – Last 6 months

77.5%
77.7% 76.6%
76.0% 75.8%
76.0% 75.7%
75.3%

72.5%
Americanas.com (B2W)
69.6% Submarino.com (B2W)
Shoptime (B2W)
Magazine Luiza
Centauro
Amazon
Extra.com (Via Varejo)
Casas Bahia (Via Varejo)
55.0% 55.1%
Ponto Frio (Via Varejo)
51.9% 52.1%
51.1% 51.5%
50.4% 49.3%

Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19

Source: Reclame Aqui 18

 E-commerce – Reclame Aqui
Marketplace – Would purchase again – Last 6 months
72.4%

69.1%
68.5% 68.5%

Americanas.com (B2W)

Submarino.com (B2W)
62.4%
Shoptime (B2W)

59.1% Casas Bahia (Via Varejo)

57.2%
Extra.com (Via Varejo)
55.0%
54.3%
Ponto Frio (Via Varejo)
53.0%

50.6%
49.8%

Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19

Source: Reclame Aqui 19

 August app downloads (000)

300.0

Apps 435.0

660.0

2,240
Horizontal marketplaces

2,550.0

4,500.0

MercadoLibre: Considers global downloads

B2W: Americanas, Submarino and Shoptime
Magazine Luiza: Magazine Luiza, Netshoes and Zattini
Via Varejo: Casas Bahia, Ponto Frio and Extra Source: Sensor Tower 20
GFG Group: Dafiti and Kanui
 App downloads – vertical marketplaces
August app downloads (000)

10
450

10 400

350

14 300

250

50 200

406
150

98 100 220
50

250 0 20
Renner: considers only App Store downloads

300 120

250 100

200 80

150 60

250 100
100 40
90
160
50

96 20

Source: Sensor Tower 0 0 21

 Domestic flight tickets
10.0 00

# of domestic flight tickets (mn) y/y growth

7.8%
6.6%
10. 0%

4.2%
9.50 0

4.0% 3.2% 3.5%

2.1% 2.4% 5.0 %

9.00 0
1.2% 0.6%
8.50 0
-2.3% -2.7% -3.1% 0.0 %

8.00 0
-5.0%

Tourism
7.50 0

-10.0%

7.00 0

8.86 8.93
8.60 8.59 -15.0%

6.50 0

7.87 8.00 7.87 7.74

7.62 7.41 7.34 7.13
-20.0%

6.00 0

6.97
-25.0%

5.50 0

5.00 0 -30.0%

Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19
# of flight tickets
International flight tickets
3.00
# of international flight tickets (mn) y/y growth 20. 0%

8.6% 7.3% 7.1% 7.6%

6.2% 5.6% 5.1% 10. 0%

2.50

1.6% 2.8% 1.1% 1.0%

-0.5% -0.1% 0.0 %

2.00

-10.0%

1.50

-20.0%

2.42
2.18 2.18 2.08 2.20
1.00

2.02 1.96 1.90 1.89 1.99 1.87 1.90 1.90 -30.0%

0.50

-40.0%

- -50.0%

Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19
22
Source: ANAC
 Tourism – Flight tickets

Airfare inflation m/m (%)

50. 0%

44.5%
40. 0%

29.1%
30. 0%

18.9% 18.6%
20. 0%
16.8%

7.5% 7.3% 5.3%

10. 0%

2.9%
-1.4% -2.7% -2.1%
0.0 %
-3.3% -3.6%

-14.7%
-10.0%

-16.7%

-20.0%
-15.4% -21.8% -15.7%

-30.0%
-26.1%
Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19

Source: IBGE 23
 Tourism – Flight tickets

Offer of flight tickets (ASK, x mn) Demand of flight tickets (RPK, x mn)
15,0 00

Offer (Ask, x000000)

12,0 00

Demand (RPK, x000000)

8.1% 7.3% y/y growth 10. 0%

7.4% y/y growth

10. 0%

6.6%
14,0 00

5.1% 5.4% 5.6% 5.1% 5.4%

4.7% 4.0% 4.1% 3.9% 3.8% 4.3% 4.1%
3.3% 3.4%
11,0 00

2.7% 3.3%
2.7%
5.0 %

2.2%
5.0 %

0.8%
13,0 00

-1.0% 0.0 %
10,0 00 0.0 %

-3.4%
12,0 00

-4.7% -4.5%
-5.2%
11,0 00 -5.0%
-5.0%

9,00 0

-9.2% -9.2%
10,0 00

-10.0%
-10.0%

8,00 0

9,00 0

-15.0% -15.0%

11,435 9,615
8,00 0

11,068 10,731 9,286 9,050

10,493 8,863
7,00 0

9,948
9,465 9,372 9,527 9,885 9,585 9,698 -20.0% -20.0%

9,226 7,958 7,691 8,053 8,020

8,935 8,597 7,608 7,855
7,00 0

8,510 7,276 7,303 7,321

-25.0%
6,00 0

7,025 6,958 -25.0%

6,00 0

5,00 0 -30.0%
5,00 0 -30.0%

mai/18 Jun-18 Jul-18 ago/18 set/18 out/18 Nov-18 dez/18 Jan-19 fev/19 Mar-19 abr/19 mai/19 Jun-19 Jul-19 mai/18 Jun-18 Jul-18 ago/18 set/18 out/18 Nov-18 dez/18 Jan-19 fev/19 Mar-19 abr/19 mai/19 Jun-19 Jul-19

ASK: Available seat kms – sum product of number of seats and distance flown of each flight, indicative of capacity
RPK: Revenue passenger kms – sum product of number of revenue passengers and distance flown of each flight Source: ABEAR 24
 8.0 %
Food Inflation LTM (%)
7.0 %

7.3%
6.7%
6.4%
6.0 %

5.4%
5.0 %

4.0 %

4.1% 4.0% 4.2% 4.0% 4.1% 4.1%

Food Retail
3.0 %

3.3%
2.0 %
2.7%
2.2%
1.0 %
1.4%

0.0 %

Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19
Source: IBGE

Food Retail KPI’s Food retailers’ sales growth (%)

12. 0%

Brazil -Nominal growth (%)

10. 0%
11.2%

8.0 %

8.1%
6.0 %

4.7%
4.0 %

3.9% 3.9% 4.1%

3.4% 3.6% 3.3%
2.0 %

3.0% 2.9%
0.3% 0.5% 1.6%
0.0 %

-2.0%

-4.0%

-5.1%
-6.0%

May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19

25
Source: ABRAS
 Pharma Retail

Pharma retail sales (y/y growth)

12. 00%

y/y growth
10. 00%

8.0 0%

6.0 0%

11.09%

9.43% 9.31%
9.02% 8.80%
8.34% 8.12% 8.26% 8.27% 8.00% 8.22%
4.0 0%

7.97% 7.97% 7.86%

2.0 0%

0.0 0%

Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19

Pharma retail sales grew 10.3% YTD 2019 in Brazil

Source: Abrafarma 26
 Apparel and footwear

Selling revenues - Brazilian apparel and footwear retail sector (y/y growth)
11.5%

7.5%

4.9% 5.0%
4.2%

2.5% 2.3%
1.7%

-0.6%
-0.7%
-1.6% -1.0%
-2.2%
-2.9% -1.0%
-2.7%

-4.9%
-5.0%

-7.1%

Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19

Source: IBGE 27
 Apparel and footwear

Footwear imports/exports (y/y growth) Sports footwear imports/exports (y/y growth)

Exports (US$ FOB) Exports (US$ FOB)
50. 0% 120 .0%

40. 0%
Imports (US$ FOB) 100 .0%

Imports (US$ FOB)

80. 0%

30. 0%

60. 0%

110.3%
20. 0%
44.1%
40. 0%

21.0% 19.7% 42.4% 44.5% 44.5%

35.4%
10. 0% 20. 0%

16.6%
3.0% 19.1% 1.3%
1.5% 10.4%
3.6%
0.0 %

0.0 %

-14.2% -17.7% -13.7%

-6.4% -6.7% -31.4% -23.1%
-13.0% -11.2% -12.3% -20.0% -35.3%
-16.0% -46.7%
-10.0% -18.3% -20.7% -61.7%
-40.0%

-20.0%

-24.1% -60.0%

-30.0% -80.0%

Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19

Source: Comex 28
Contact

Equity Research – Retail & Consumer Goods

Luiz Guanais
Luiz.guanais@btgpactual.com
Phone: +55 (11) 3383-2755

Gabriel Savi
Gabriel.savi@btgpactual.com
Phone: +55 (11) 3383-3436