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Sales fell 8% y/y in Q4 and Verkkokauppa expects a similar demand outlook for H1 at least. The company expects EUR 5-8m of a previously-announced EUR 10m cost saving programme to be visible in 2023. Fixed cost inflation continues with salaries, rents and some service lines, so we expect net-net fixed cost cuts to contribute EUR 3m to EBIT this year, with gross margin improvements adding to the mix. Our 2023 EBIT is 23% below EBIT in 2019.
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