Nelly Group’s Q3 report was strong, with net sales of SEK 284m, up 18% y/y (20% in LCC and 3% ahead of SEB). EBIT of SEK 43m (19% ahead of SEB) as the EBIT margin expanded by 4.8pp y/y to 15.3%. Sales were supported by higher online sales, lower return rate and higher sales in the physical store. The beat on EBIT was driven by improvements across most key KPIs across the PnL. We expect shares to outperform today.
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