Nelly Group, the online fashion retailer, reports Q2 sales of SEK 396.7m (-3.9% vs. SEB at SEK 413m, no cons.). Y/y growth amounts to 1.4%, mainly from everyday fashion as occasional wear still sees a demand hit from the pandemic. EBIT came in at 7.0m (SEB 7.4m), supported by a lower-than-expected OPEX. Low volumes of older inventory pave the way for a more attractive customer offering and better margins going forward. We reiterate our midpoint DCF value of SEK 55 per share.
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