Nelly Group, the online fashion retailer, will report Q2 2021 earnings on 16 July at 08.00 CET (no consensus available). Bolstered by improving sales growth in the period and a higher share of private label sales, offsetting the impact of likely higher returns, we expect gross margins to be up almost 1.5pp y/y and for EBIT margins to expand to 1.8%, from -0.7% in Q2 last year. Our SEK 7m EBIT forecast includes SEK 10m in investment-related costs for its new automated DC.
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