Nelly Group Q4: Black numbers on Black Friday - SEB
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Nelly Group Q4: Black numbers on Black Friday - SEB

Nelly Group reported solid Q4 results with sales of SEK 318m, up 5.5% y/y (in line with our estimates), and EBIT 10% ahead of our estimate as the EBIT margin expanded 1pp y/y to 11.2%. Nelly continued to improve key KPIs y/y, highlighting its PL assortment now accounting for 47% of sales in Q4 (up 11pp y/y). Our current mid-point value of SEK 43 is under review. Shares have been strong into the numbers but should continue on their positive trajectory today.

Nelly Group reported solid Q4 results with sales of SEK 318m, up 5.5% y/y (in line with our estimates), and EBIT 10% ahead of our estimate as the EBIT margin expanded 1pp y/y to 11.2%. Nelly continued to improve key KPIs y/y, highlighting its PL assortment now accounting for 47% of sales in Q4 (up 11pp y/y). Our current mid-point value of SEK 43 is under review. Shares have been strong into the numbers but should continue on their positive trajectory today.
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