Q1 sales were 7% below our estimate (no consensus available), driven by higher return rates as well as Omicron and the war in Ukraine affecting sales. EBIT fell 38% shy of our estimate, primarily due to lower sales and gross profit as well as negative leverage effects on the back of relatively high costs during a seasonally small quarter. We have lowered our fair value to SEK25–35 (35–45) on our reduced 2022 estimates.
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