Nelly: Q2 - ssortment missteps weigh on margins and top line - SEB

Nelly Group's Q2 report was soft, with net sales of SEK 346m, down -4.3% y/y and in line with SEB estimates. EBIT on the other hand was SEK 32.3m, -13% below SEBe (SEK 37m), as the EBIT margin fell -6pp y/y to 9.3%. The primary culprits were elevated administrative expenses and higher marketing costs. Own-brand penetration and an improved return rate were the key positives. Our first take is for LSD negative revisions to consensus FY26 adj. EBIT estimates.

Länk till analysen i sin helhet: https://research.sebgroup.com/corporate/reports/142902