PIOR RESULTADO DA HISTÓRIA: O QUE ACONTECEU COM LJQQ3? | A tese aguenta?

👌Subscribe to VAROS Academy: https://varos.com.br/varos-academy?ut... Lojas Quero-Quero delivered its worst result in history since its IPO in Q1 2026. A loss of R$ 61.7 million. But the absolute number isn't the most delicate point of the quarter. What is truly worrying is a specific line in the income statement that came in much worse than management had indicated three months ago. The gross margin on services rendered fell 7.2 percentage points in a single quarter, and the company's discourse changed completely between Q4 2025 and Q1 2026 to explain this. In this video, I break down the release from start to finish, showing what is supporting the thesis (FIDC maintaining brAAA, expenses falling nominally in an inflationary environment, off-US credit card growing almost 20%) and what triggered the warning lights (service margin, leverage approaching the covenant, and the Selic rate cut being slower than consensus expected). I also explain why the rising IPCA, Brent pressured by the conflict in the Middle East, and the Copom's caution change the risk-return calculation of the thesis in the short term. The question is no longer "if" the stock will recover with the fall in interest rates, but "how long" it will take, and whether holding until then is worthwhile. Direct and analytical content, without dramatization or bullshit. If you are positioned in LJQQ3 or thinking about entering, this video is essential to understand where the thesis stands today. 00:00 - Introduction 00:29 - Quarterly Highlights 02:05 - Management Message and the Three Drivers of Recovery 04:27 - Gross Revenue 05:23 - Verdecard 07:28 - The Quarterly Bomb: Gross Margin on Services 10:40 - Operating Expenses 11:08 - Financial Results and Net Income 12:30 - Net Debt and Covenant 14:30 - Investments 00:00 - Conclusion: Is the Carry Forward Worth It? ► Instagram:   / lacombe.varos   ► LinkedIn:   / varos-brasil   ► Follow me on X: https://x.com/lacombegabriel ► Follow VAROS on X: https://x.com/varosbr #LJQQ3 #LojasQueroQuero #VerdeCard #VAROS #VAROSResearch #SmallCaps #StockMarket #BrazilianStocks #B3 #StockInvestment #FundamentalAnalysis #Valuation #QuarterlyResults #1Q26 #ConstructionRetail #ConstructionMaterials #HighSelicRate #InterestRateCycle #Copom #IPCA #Default #FIDC #CreditPortfolio #SmallRetailers #SmallCapsBR #IndividualInvestor #StockAnalysis #QuarterlyLoss #GrossMargin #BankCovenants