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SENASTE
Verkkokauppa.com's sales declined by 11.4% yoy in Q1/24. Finnish consumer confidence remains low and consumers are likely paying back credit card debts after the holiday season depressing sentiment. Gross margins were up 70bp yoy. Fixed costs down 3% yoy but less than expected. Verkkokauppa.com keeps guidance of adj. EBIT growth in 2024. We believe that Verkkokauppa.com has one of the best earnings deltas once demand recovers which is not here yet.
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