Verkkokauppa.com: Q1/26 does not live up with bullish expectations - SEB

Sales grew by 7% vs. Cons was expecting 11% y/y after strong ending of the last year (Q3/25: 14.9%, Q4/25: 20%). The Finnish consumer confidence typically reacts to war news and official consumer confidence declined again in February. Sales grew by 2% in Finland and 60% abroad which is encouraging that strategy to expand abroad with third-party retailers is working. Gross margin was down 150bp but Q1/25 comp was high in historical context.

Länk till analysen i sin helhet: https://research.sebgroup.com/corporate/reports/141115