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Verkkokauppa: Self-help story confirmed in Q2 - SEB

Verkkokauppa.com reported a 10% sales decline in Q2/23. Consumer sales were down 10%, but now sales to SMEs have also started to fall (-15% y/y).

Despite this weak sales performance, adj. EBIT was a bit better than we expected and up y/y as fixed costs declined by 9%. This in our view confirms the self-help story. The company should be well placed once demand recovers.
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