Nelly Group reports Q1 sales at SEK 222m - 5% ahead of our estimates. Gross margins shine, improving 8.2pp y/y to 49.1% (4.5pp above our 44.6% estimate). From cost management and efficiency gains (automated DC), SG&A-to-sales are down 4.7pp y/y to 48.5%. EBIT of SEK 1m compares to our LBIT forecast of SEK 15m and adjusted LBIT of SEK 29m in Q1 last year. Our estimates and our current mid-point value of SEK 29 per share are under review.
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