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Nelly Group, a leading online retailer focusing on the younger (15-25 years) womenswear segment of the market, has announced plans to reduce costs, mainly by reducing staffing and tightening its assortment, by SEK 40-50m with full effect as of Q2 2023. Our financial forecasts are rather unchanged in absolute terms, while reflecting slightly lower gross margins and increased G&A costs in Q4. We set our revised mid-point at SEK 25 (SEK 27).
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