Nelly reported revenues in line with our expectation, while profitability disappointed. Traffic, as measured by number of visits, down 20% y/y, combined with higher-than-normal return rates, were the main drivers behind the weak LBIT of SEK 19m. Acting CEO Helena Karlinder-Östlundh emphasises that the return to profitability will be a top priority ahead. Our current DCF-based mid-point value of SEK 32 per share is under review.
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