The Nordic markets remain soft
From what we can tell from accessible macro datapoints (ROT applications, build starts, house transactions), the Nordic house renovation market remains subdued by the tough consumer climate. For Nordic brands Svedbergs, Macro Design and Cassoe, this means business is challenging for now, and we thus forecast an 18% organic decline in the Svedbergs brand in Q1. We expect Roper Rhodes and Thebalux to perform better, for a group sales growth of 17% (-5% org.). Price hikes in Roper Rhodes that lifted the H2'23 gross margin significantly lead us to a 45% gross margin in Q1, +360bp y-o-y. We attribute the 120bp sequential decline to a lack of supplier bonuses in Q1, which we assess lifted Q4 gross margins slightly.
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