Generally, we note fairly extensive markdown- and campaign-driven sales communications across the online retail market in the period and we forecast gross margins to be down y/y in Q3. Looking at site traffic data, released after our Q3 preview research note, Nelly's positive delta trend in July and August reversed in September (-9.4% y/y). We are looking for Q3 sales and LBIT, respectively, of SEK 289m and SEK 15m. We reiterate our SEK 27 mid-point equity value.
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