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Nelly Group reported impressive Q1 with sales of SEK 250m, up 12% y/y (12% ahead of our estimates), and EBIT of SEK 36m, significantly ahead of our estimate as the EBIT margin expanded 7pp y/y to 8%. Nelly continued to improve key KPIs, highlighting its assortment as a key sales driver (PL assortment now accounting for 50% of sales in Q1) while improved efficiency in marketing and significantly lower return rates y/y supports margins. Our current mid-point value of SEK 47 is under review.
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