European Retail Virtual Roadshow Key Takeaways

Management indicates that consumer demand is weak and deal-driven, while freight and promotion costs are weighing on margins. Goldman Sachs maintains a SELL rating with a Skr160 target price.

Key Takeaways

• 1.Consumer demand remains muted and highly deal-driven, with specific weakness noted in Germany.
• 2.Gross margins face incremental headwinds from freight surcharges and higher promotional activity.
• 3.Store strategy is shifting from large-scale optimization to 'constant gardening', with growth focused on India and Brazil.

Table of Contents

• Key Takeaways
• Valuation
• Key risks to our thesis/what would make us more positive
• Disclosure Appendix
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures
• Global product; distributing entities
• General disclosures

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