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CDON reported Q1 3P (marketplace) GMV of SEK 396m, up 4% y/y (the Swedish online market is down 13% in the same period). This compares to our estimates for 8% growth. Importantly, site traffic surprised (6% ahead). Weaker sales in its main electronics category (market -25% y/y, while CDON outperformed) boosted gross margins (+11pp y/y to 47.7%). SG&A costs (including SEK 10m of a "one-off nature") were much above our estimates. LBIT came in at SEK 34m (SEBE: SEK 16m).
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