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Nelly Group, the online fashion retailer, recorded a 19% y/y contraction in Q1 sales on back of falling order conversions and increasing return rates, despite a concurrent markdown driven gross margin performance (-3.4pp y/y). Our initial take is that the strategic decision to tighten its assortment (category management) going into this year may not have been well-received so far. Adj. LBIT of SEK 29m are SEK 4m below our forecasts. Our current TERP-based mid-point is SEK 11.
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