While the deconsolidation of its former divisions CDON and Qliro affects comparisons, Nelly Group, operating online fashion retailer Nelly, recorded better sales (+1.7%) and adjusted EBIT versus our forecasts (SEK +5m). The company is gaining market share and gross margins are improving bolstered by lower return rates (-5pp y/y) and re-negotiated distribution terms with Zalando. Inventories are down 32% y/y, bolstering cash flow too. Nelly reports Q4 net cash of SEK 230m.
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