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Footway Group, including Sportamore, reported Q3 sales and earnings ahead of our (downgraded) forecasts. Sales growth of 43% builds from a 33% y/y increase in active customers and a full 8% increase in AOV. Contrary to our fears, gross margins held up (+0.7pp y/y to 38.4%) combining to produce EBITA of SEK 1m (SEBE: LBITA of SEK 5m). Demand in Covid-19-related categories has returned, suggesting growth could pick-up. We reiterate our SEK 39 midpoint equity value.
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