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SENASTE
Verkkokauppa managed to lower fixed costs by 9% yoy, showing that cost savings are biting. Sales declined by 10% yoy, indicating a continued weak market. Gross-margin was 16.8% vs. 15.4% in Q2/22. We consider this a good achievement especially as the CEO stated that price competition picked up Q2 vs. Q1/23. Inventories were down 6% vs. end- 2022, i.e. solid work with stock levels. We view this as a small relief despite consumer sentiment likely remaining weak for some time.
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