{"id":99961,"date":"2026-09-08T22:45:17","date_gmt":"2026-09-09T01:45:17","guid":{"rendered":"https:\/\/murray.adv.br\/?p=99961"},"modified":"2026-09-08T22:45:17","modified_gmt":"2026-09-09T01:45:17","slug":"retailers-tighten-credit-as-early-delinquencies-rise","status":"publish","type":"post","link":"https:\/\/murray.adv.br\/en\/retailers-tighten-credit-as-early-delinquencies-rise\/","title":{"rendered":"Retailers tighten credit as early delinquencies rise"},"content":{"rendered":"<p style=\"text-align: center\"><em><strong>Six major chains keep lending growth below inflation and provisions broadly stable, but shorter-term arrears are increasing faster than overall delinquencies<\/strong><\/em><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<section class=\"content--header\">\n<div class=\"row content-head non-featured \">\n<div class=\"title\"><\/div>\n<div class=\"medium-centered subtitle\">\n<h2 class=\"content-head__subtitle\"><\/h2>\n<\/div>\n<\/div>\n<div class=\"content__signa-share\">\n<div class=\"content__signature\">\n<div class=\"content-publication-data\">\n<div class=\"content-publication-data__text\">\n<div class=\"content-publication-data__from\"><\/div>\n<p class=\"content-publication-data__updated\"><time datetime=\"2026-09-08T06:29:15.415-03:00\">09\/08\/2026\u00a0<\/time><\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"content__share-bar-container\"><\/div>\n<\/div>\n<\/section>\n<div id=\"mc-article-body\" class=\"mc-article-body ready cropped\">\n<article>\n<div class=\"no-paywall\">\n<div class=\"row medium-uncollapsed content-media content-photo\" data-block-type=\"backstage-photo\" data-block-id=\"0\">\n<div class=\"mc-column content-media__container\" data-image-display=\"normal\">\n<div class=\"content-media-container\" style=\"text-align: center\">\n<figure class=\"content-media__figure\"><img loading=\"lazy\" decoding=\"async\" class=\"content-media__image aligncenter\" src=\"https:\/\/s2-valorinternational.glbimg.com\/Rp4ZBUoDrElTv8ev6064EvTYls0=\/0x0:3840x2560\/984x0\/smart\/filters:strip_icc()\/i.s3.glbimg.com\/v1\/AUTH_37554604729d4b2f9f3eb9ad8a691345\/internal_photos\/bs\/2022\/n\/C\/zL79H5SsyI6eqs6zB2rg\/centauro-barrasulshoppng-rs.jpg\" alt=\"At Centauro, overdue balances rose sharply in the 31-to-60-day range in the first half of 2026 \u2014 Foto: Divulga\u00e7\u00e3o\" width=\"664\" height=\"443\" \/><figcaption class=\"content-media__description\"><em><strong>At Centauro, overdue balances rose sharply in the 31-to-60-day range in the first half of 2026 \u2014 Photo: Divulga\u00e7\u00e3o<\/strong><\/em><\/figcaption><\/figure>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"mc-column mc-side-item__container\" data-block-type=\"ads\" data-block-id=\"1\"><\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"38\" data-block-id=\"2\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Brazil\u2019s largest retail chains have kept a tight rein on credit this year, limiting financing to customers to protect themselves against the risk of consumer defaults. The strategy has helped prevent a rise in provisions for credit losses.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"39\" data-block-id=\"3\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Six retailers with combined annual gross sales of just over R$120 billion had R$40 billion in consumer credit outstanding in the first half, Valor calculations show. In real terms, after adjusting for inflation, their combined loan book shrank 1.2%.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"28\" data-block-id=\"5\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Despite the conservative approach, this year\u2019s figures show that shorter-term delinquencies, of up to 90 days, are rising faster than overall overdue balances\u2014a potential warning sign for retailers.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"2\" data-block-id=\"6\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\"><strong>Credit restraint<\/strong><\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"47\" data-block-id=\"7\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">The findings are based on a Valor survey of first-half financial statements from publicly traded fashion, electronics and sporting-goods retailers. The analysis covered provisions for doubtful accounts, total overdue balances, delinquencies of more than 90 days and the size of each company\u2019s overall credit portfolio in Brazil.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"55\" data-block-id=\"8\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">The companies included home-appliance, electronics and furniture retailer Casas Bahia, omnichannel retailer and marketplace Magazine Luiza, Grupo SBF\u2019s sporting-goods retail chain Centauro, and fashion retailers C&amp;A, Renner and Riachuelo. Valor selected them because they are the publicly traded retail groups with consumer-finance operations. Food retailers and drugstore chains generally do not offer longer-term installment plans.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"41\" data-block-id=\"10\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">The six chains had a combined credit portfolio of R$40.95 billion at the end of June, up 3.43% from a year earlier. That was below the 4.64% inflation rate over the same period, as measured by the IPCA consumer price index.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"29\" data-block-id=\"11\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Provisions for doubtful accounts were virtually unchanged at R$3.7 billion. They were stable or lower at Magazine Luiza, Casas Bahia, Renner and Centauro, while increasing at C&amp;A and Riachuelo.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"19\" data-block-id=\"12\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Total overdue balances across the retailers rose 6.7% from a year earlier to R$9.81 billion in the first half.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"36\" data-block-id=\"13\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">That increase was faster than the rise in accounts overdue by more than 90 days. In that category, outstanding balances grew 3.5% to R$6 billion, broadly in line with the expansion of the overall credit portfolio.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"18\" data-block-id=\"14\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">The figures suggest that more recent delinquencies are putting greater pressure on the overall level of late payments.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"17\" data-block-id=\"15\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Looking at individual companies makes the deterioration in consumers\u2019 ability to keep up with payments more apparent.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"2\" data-block-id=\"16\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\"><strong>Early arrears<\/strong><\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"33\" data-block-id=\"17\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">At fashion retailer Renner, for example, balances overdue by 31 to 89 days rose 14.8% to R$1.5 billion. By contrast, amounts overdue by up to 30 days fell 7.6% from a year earlier.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"30\" data-block-id=\"19\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">\u201cThis suggests that consumers start paying for a recent purchase and then, after the first month, begin falling behind on installments,\u201d said a former commercial director at a department-store chain.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"49\" data-block-id=\"20\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">At Centauro, balances overdue by 31 to 60 days increased twelvefold to R$4.7 million. In the 61-to-90-day range, the amount quadrupled to R$3.1 million, the company\u2019s so-called aging list shows (the figures are net of provisions for expected credit losses). The figures are net of provisions for expected losses.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"34\" data-block-id=\"21\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">For comparison, the total amount more than one day overdue also rose sharply, though at a slower pace. It more than tripled, from R$5.1 million in June 2025 to R$16.8 million in June 2026.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"55\" data-block-id=\"22\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Casas Bahia,\u00a0<a class=\"\" href=\"https:\/\/measures.globo.com\/v1\/click?c=busca-headless&amp;h=236a36f2f5dc62e58d6a4304abdaa939599786ca07f70a7e02af10348fdaf7d1e67bbdeb432e101bb56968c9f4f37706f85ec676e65601181aa4efac2137f7b4&amp;k=globocom.busca-headless&amp;pa=2&amp;po=3&amp;q=casas+bahia&amp;qid=valorinternational.info_query_recency&amp;rid=719504de75895f31c7e43ed1b2a45e55&amp;t=valorinternational&amp;ts=1788859056&amp;u=https%3A%2F%2Fvalorinternational.globo.com%2Fbusiness%2Fnews%2F2026%2F08%2F25%2Fcasas-bahia-turned-to-receivables-funds-to-expand-consumer-lending.ghtml&amp;_gl=1*1lc5bnk*_ga*NjMzMTY3MjY1LjE3NDI5Nzc1OTU.*_ga_NWTRTWY1TF*czE3ODg4NTg3NzkkbzY1MyRnMSR0MTc4ODg1OTA1NSRqNjAkbDAkaDA\">which has been under court-supervised restructuring since August,\u00a0<\/a>has long relied on installment financing as one of its strengths. The company saw overdue balances on its store-financing plans rise 34.5% in the 61-to-90-day range. Amounts overdue by 31 to 60 days increased 27.1% in the first half of 2026 from a year earlier.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"24\" data-block-id=\"23\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Among all the delinquency periods analyzed, ranging from six to 180 days, those two brackets showed the steepest increases in overdue Casas Bahia installments.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"36\" data-block-id=\"24\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Overall delinquencies in the retailer\u2019s credit portfolio rose at a slower pace, though the increase was still significant. Total overdue balances climbed 24.7% to R$1.7 billion in the second quarter of 2026 from a year earlier.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"26\" data-block-id=\"25\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">In its financial statements, Casas Bahia said it continues to monitor conditions cautiously and maintain a conservative approach, \u201censuring the strength and sustainability of the portfolio.\u201d<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"55\" data-block-id=\"26\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">The retailer told Valor that delinquencies had risen more sharply in the early and intermediate stages, but said lower insolvency rates at longer maturities were a positive sign. It also said its delinquency rate increased from 8.4% in the second quarter of 2025 to 8.9% a year later, an increase it views as broadly stable.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"2\" data-block-id=\"28\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\"><strong>Conservative lending<\/strong><\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"52\" data-block-id=\"29\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Renato Donatti, a senior director at Fitch Ratings, said Brazilian retailers have tightened lending standards in recent years after higher interest rates drove up the cost of capital. The aim has been to avoid taking on excessive default risk, a strategy that has helped keep the sector\u2019s credit portfolios from becoming unbalanced.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"42\" data-block-id=\"30\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Some retailers operate their own finance companies, while others have partnerships. Renner owns Realize, Riachuelo operates through Midway, and Magazine Luiza holds 50% of Luiza Cred, with Ita\u00fa Unibanco owning the other half. Among privately held chains, department-store chain Pernambucanas owns Pefisa.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"17\" data-block-id=\"31\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Still, Donatti said store financing remains one of the few sources of credit available to some consumers.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"43\" data-block-id=\"33\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">\u201cThere is a consumer who is outside the banks\u2019 radar, and retailers need to provide capital to that person for the sale to happen. The issue is that a more conservative approach became necessary, especially among finance companies linked to retailers,\u201d he said.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"23\" data-block-id=\"34\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Donatti expects these businesses to remain cautious when originating credit, adjusting limits and repricing risk while continuing to prioritize asset quality and profitability.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"2\" data-block-id=\"35\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\"><strong>Riachuelo strategy<\/strong><\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"30\" data-block-id=\"36\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">At Riachuelo, which Fitch sees as currently having a less restrictive credit policy than its peers, provisions for doubtful accounts rose faster than the average among the six retailers surveyed.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"28\" data-block-id=\"37\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Its 15-to-90-day delinquency rate, however, was stable from April through June at 3.8%, while the rate for balances more than 90 days overdue increased from 26.8% to 28.4%.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"30\" data-block-id=\"38\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Net provisions after recoveries and discounts represented 5.1% of the total portfolio, compared with 5.3% a year earlier. The slight decline in the ratio reflected faster growth in the portfolio.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"17\" data-block-id=\"40\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">\u201cThis result highlights improved provisioning efficiency as the portfolio expands,\u201d Riachuelo said in a statement to Valor.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"47\" data-block-id=\"42\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Asked whether it would maintain its strategy in the near term despite high interest rates and heavily indebted households, Riachuelo said improvements in its credit models allow it to expand lending. The company pointed to better delinquency indicators at shorter maturities, in contrast with some other chains.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"27\" data-block-id=\"43\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">\u201cWe intend to maintain this dynamic, while still taking a conservative stance, adjusting supply based on our reading of the market and the performance of new vintages.\u201d<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"2\" data-block-id=\"44\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\"><strong>C&amp;A provisions<\/strong><\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"35\" data-block-id=\"45\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">C&amp;A increased its provisions against credit losses by 22%, from R$52.1 million in June 2025 to R$63.7 million a year later, while its credit portfolio grew 6%. Total overdue balances increased slightly faster, by 7.3%.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"24\" data-block-id=\"46\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Credit-card delinquencies reached 15.4% from April through June, the highest level since the third quarter of 2024 for balances more than 90 days overdue.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"29\" data-block-id=\"48\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Still, the company\u2019s overall delinquency rate fell to 4.4% in the second quarter of 2026 from 4.8% a year earlier. Net credit losses after recoveries also edged down 0.9%.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"16\" data-block-id=\"49\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Asked whether it planned to maintain tighter lending standards, C&amp;A gave no indication of a shift.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"42\" data-block-id=\"50\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">\u201cWe have internal models that help us forecast future delinquency and, based on that, since last year we have made adjustments to our lending policy in anticipation of this deterioration in the macroeconomic environment,\u201d the company said in a statement to Valor.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"35\" data-block-id=\"51\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">C&amp;A added that it seeks the best possible balance between serving customers and protecting profitability. Its figures show net revenue rose 1% in the first half, while gross margin increased 1.5 percentage points to 57%.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"2\" data-block-id=\"52\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\"><strong>Sales trade-off<\/strong><\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"28\" data-block-id=\"53\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Retailers could theoretically expand credit to support a stronger sales recovery this year. All major publicly traded fashion chains saw revenue growth slow during the World Cup quarter.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"16\" data-block-id=\"54\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">For now, however, the high cost of getting that decision wrong has pushed the option aside.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"47\" data-block-id=\"56\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Renner said in a statement that a more aggressive lending policy could provide some short-term benefit to sales, but that the gain would not compensate for greater vulnerability in a difficult macroeconomic environment. The company said conditions would need to improve consistently before it reconsidered its policy.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"34\" data-block-id=\"58\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">The fashion retailer kept its credit assessments cautious this year, helping reduce its portfolio by 1% from a year earlier to R$6.4 billion as of June. Its provisions for doubtful accounts were also stable.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"32\" data-block-id=\"59\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">But the more recent portion of its delinquent portfolio deteriorated: balances overdue by 31 to 89 days rose from 20.9% of the relevant portfolio in June 2025 to 24.2% in June 2026.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"35\" data-block-id=\"60\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">\u201cWe remain conservative in extending credit. Although delinquency is under control and our short-term indicators remain healthy, the macroeconomic environment still calls for caution, particularly among the most financially pressured income groups,\u201d the company said.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"2\" data-block-id=\"61\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\"><strong>Magalu portfolio<\/strong><\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"30\" data-block-id=\"62\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Magazine Luiza has taken a broadly similar approach. Its credit portfolio grew just 1.8% from a year earlier to R$20 billion as of June, below inflation, while provisions declined 0.9%.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"33\" data-block-id=\"64\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Total overdue balances also accounted for a smaller share of the portfolio, falling by just over 10% in a year. Unlike at the other retailers, short-term delinquencies of 15 to 90 days declined.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"37\" data-block-id=\"65\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">The cautious credit stance has an impact on sales, given the sector\u2019s heavy reliance on financing to support growth. But for Magazine Luiza, that trade-off is consistent with its current strategy of pursuing growth while prioritizing profitability.<\/p>\n<\/div>\n<p data-track-category=\"Link no Texto\" data-track-links=\"\">*By\u00a0Adriana Mattos\u00a0\u2014 S\u00e3o Paulo<\/p>\n<p data-track-category=\"Link no Texto\" data-track-links=\"\">Source: Valor International<\/p>\n<p>https:\/\/valorinternational.globo.com\/<\/p>\n<\/div>\n<\/article>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Six major chains keep lending growth below inflation and provisions broadly stable, but shorter-term arrears are increasing faster than overall delinquencies &nbsp; &nbsp; &nbsp; 09\/08\/2026\u00a0 At Centauro, overdue balances rose sharply in the 31-to-60-day range in the first half of 2026 \u2014 Photo: Divulga\u00e7\u00e3o Brazil\u2019s largest retail chains have kept a tight rein on credit [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8106],"tags":[],"class_list":["post-99961","post","type-post","status-publish","format-standard","hentry","category-murray-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - 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