Nelly, the online fashion retailer, reported weaker-than-expected Q1 sales and LBIT. Sales of SEK 288m are down almost 8% y/y, burdened by falling site traffic. Gross margins are in line with our estimates and up 0.5p y/y to 44.3%, despite PL share of sales being down from 35.9% in Q1/21, to 34%. LBIT of SEK 24m are SEK 8m higher compared to our SEK 16m forecast, implying a pending 20% downgrade to full-year EBIT estimates. Our SEK 19 mid-point DCF value is under review.
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