Xmas sales were good and we estimate a sales increase in Q4 of 7.5% y/y. We estimate sales
growth w/o exports at 18% in the quarter, but with the absence of tourists taking off nearly
half the headline growth figure. The share has been strong, up 33% in the past three months.
We still see Verkkokauppa.com as well placed to benefit from consumption shifting online.
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