23 Jul 2026 07:36:22 ET │ 36 pages Ac t i o n | Brazil Apparel & Footwear 2Q26 Preview: Dispersion Across Our Coverage, but Overall Helped by Winter Winds; Positive CW on LREN and Negative CW on AZZA CITI'S TAKE We see meaningful dispersion across apparel names. LREN is our preferred idea in this moment, supported by relatively resilient execution, especially when it comes to cash generation (double-digit FCFE yield 2026/2027) and shareholder return (double-digit DY for 2026/2027). Elsewhere, we see both CE ...