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Nelly Group, the online women fashion retailer, reported operating losses of SEK 3m in the period. While sales were in line with our forecasts (growth of +3.5% y/y) and gross margins came in ahead of our expectations (at 43.4%, up 0.6pp y/y), higher costs explain the miss in EBIT (SEBE: SEK 4m). Based on reiterated guidance (savings of SEK 35m from DC automation), we contemplate leaving our 2022 forecasts rather unchanged. Our DCF midpoint value is SEK 55 per share.
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