Takeaways from the Q1 report
Conditions continue to be tough for both retailers and their suppliers, such as Niloerngruppen. Q1 org. growth was -13%, while FX contributed with +3% and M&A with 1% for a total growth of -9%. The gross margin has come down by 40bps while opex is growing. That said, the company highlighted that Q1'23 was not comprised of a homogenous set of months. In fact, January was the toughest month while business momentum improved in both February and March.
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