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Verkkokauppa.com’s Q1 sales declined by 11.4% y/y, which highlights how tough the market is, but on a positive note the gross margin was up 70bp. The company is building its strength while it waits for consumers to return. Sales of own brands grew by 7% y/y and speed deliveries by 33% y/y. In absolute terms, EBIT was only EUR 200k (25%) apart from our and consensus estimates. We cut our estimates again, but this should now be the floor.
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