Nelly Group Q4 report was solid but mixed, with net sales of SEK 371m, up 16% y/y (5% ahead of SEB), but EBIT of SEK 48m (10% below SEB) as EBIT margin expanded 1.5pp y/y to 12.9%. Sales were supported by a lower return rate and strong own-brand mix (62%), but the EBIT miss was driven by higher admin costs (partly due to Copenhagen flagship store opening) and increased marketing spend, partly offset by improved warehouse efficiency. We expect shares to be under pressure today
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