Nelly Group's Q3 report was better than we feared, but margins (both gross and EBIT) fell y/y despite double-digit growth. Net sales were SEK 313.1m, up 10.3% y/y (8.9% in local currencies) and 14% ahead of SEB. EBIT of SEK 42.4m was 66% ahead of SEB, but down 2% y/y as EBIT margin fell 1.8pp to 13.5%. Sales beat on higher Nordic sales and a better return rate while gross margin slipped on campaigns, and marketing, logistics and admin costs rose faster than sales.
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