Verkkokauppa.com has removed the line from guidance statement “unless there is a positive market turn in the second half of the year” which in indicates to us that Q4 is expected to remain weak as well. The market has been extremely promotional and gross margin is down 140bp on just 3% sales decline, showing that heavy discounting is needed to bring customers in. Shares hover at all-time lows. Consensus expects no dividend, so no surprises there. A bit of a waiting game here.
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