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Following Nelly Group’s Q2 earnings turnaround (bettering our estimates), we raise our financial expectations to reflect primarily higher gross margins and the impact from its two concurrent savings programmes. Its ongoing strategic review, driving towards a tighter assortment, while maintaining categories, is prioritising profitability over sales growth and will sustain this trend ahead, we argue. We set our new mid-point value at SEK 18 (12.50).
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