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    Interim report for 1 January – 31 March 2019

    2019-04-17 08:00 - Regulatory press release


    • Net sales amounted to SEK 639.8 (716.1) million
      – Qliro Financial Services’ total operating income increased 26 percent

      CDON Marketplace’ external merchant sales increased 36 percent while net sales decreased 31 percent in line with transformation
      Nelly’s net sales increased 10 percent
    • Improved earnings in all companies
      – Qliro Financial Services’ operating profit before depreciation and amortization grew to SEK 14.0 (3.5) million
      CDON Marketplace’ gross margin increased to 16.8 (10.5) percent and gross profit increased by 11 percent
      Nelly’s product margin increased to 48 (46) percent and gross profit increased by 19 percent
    • Operating income improved to SEK -33.5 (-58.8) million
    • Earnings per share including discontinued operations amounted to SEK -0.30 (0.61) before dilution and ‑0.29 (0.60) after dilution
    • The Board of Directors proposes that no dividend be paid for the financial year 2018
    SEK million 2019
    Net sales 639.8 716.1 -11%
    Gross profit 161.5 135.3 19%
    Gross margin, % 25.2 18.9 6.3 P/E
    Operating income before depreciation and amortization   -13.2 -42.7
    Operating margin before depreciation and amortization, % -2.1 -6.0 3.9 P/E
    Operating income -33.5 -58.8
    Operating margin, % -5.2 -8.2 2.9 P/E

    [1]HSNG is recognized as a discontinued operation in the consolidated accounts.


    In the first quarter, Qliro Financial Services successfully recruited new merchants, CDON Marketplace increased sales for external merchants and Nelly showed strong growth in net sales. We have also greatly increased Qliro Financial Services’ loan book, further improved the efficiency in CDON Marketplace and digitalized Nelly’s returns process. All three companies improved their operating result and strengthened their market positions during the quarter. Also, our strategic efforts to establish three independent subsidiaries continues according to plan.

    Three independent companies
    Since June 2018, Qliro Group’s strategy has been to run Qliro Financial Services, CDON Marketplace and Nelly as three independent companies. This creates the best conditions for the companies to succeed, thereby increasing shareholder value. Group management is focusing on getting the companies ready for listing while evaluating potential transactions. Work is underway to separate the companies’ IT and accounting systems and they should be operationally and structurally independent in the first half of 2019 and ready for listing in the second half. 

    Qliro Financial Services’ operating profit improved sharply
    Qliro Financial Services’ loan book grew by 49 percent to more than SEK 1.5 billion with the fastest growth in personal loans. Total operating income increased by 26 percent while total operating expenses increased by 17 percent, manifesting the scalability of the business model. Operating income before depreciation, amortization and impairment improved by 295 percent to SEK 14 million. 

    Qliro Financial Services’ commercial initiatives are effective and during the quarter the company entered partnerships with several merchants such as Eleven, Nordicfeel, Baresso, Best of Brands, Dollarstore,, dammsugarpå, and others. Qliro Financial Services is well positioned to continue to benefit from the underlying market growth of e-commerce.

    CDON Marketplace increased sales for external merchants and gross profit
    External merchants’ sales on CDON Marketplace increased by 36 percent, and we see a continued strong trend in the second quarter. Commission revenue increased by 32 percent, which helped boost gross profit by 11 percent to SEK 44 million. At the same time, salary costs decreased significantly as the company benefits from its IT platform and increased automation. Operating income before depreciation, amortization and impairment amounted to SEK -7 (-21) million in the seasonally weak first quarter.

    CDON Marketplace is accelerating its transition to the marketplace model that is more capital efficient, scalable and profitable.

    Nelly increased sales and gross profit
    Nelly’s sales increased by 10 percent, the number of customers by 7 percent and the average shopping basket by 11 percent. Gross profit increased by 19 percent to SEK 69 million. Operating income before depreciation, amortization and impairment improved to SEK -7 (-15) million in the seasonally weak first quarter.  

    Nelly digitalized its returns process during the quarter and successfully launched its own brand via Zalando throughout Europe, with most sales in markets that complement Nelly’s own range. The company continues to develop its NLYbyNelly brand and benefits from successful customer recruitment and strong customer loyalty. 

    Financial flexibility
    Qliro Group has a strong financial position and during the quarter we lowered our debt by repaying the SEK 250 million bond loan. Qliro Financial Services has several sources for future funding and net cash in the e‑commerce business totalled SEK 205 million. Our companies have strong positions and are driving forces in e‑commerce and related financial services in the Nordics. 

    Marcus Lindqvist
    President and CEO, Stockholm, 17 April 2019


    Qliro Group called for early redemption of bonds
    On February 4, it was announced that Qliro Group would redeem all outstanding bonds, which happened in the end of February. 

    Conference call 
    Analysts, investors and the media are invited to a conference call today at 10 a.m. To participate in the conference call, please dial:
    Sweden: 08 5033 6573
    UK: +44 330 336 9104
    US: +1 929 477 0630
    The pin code to access this call is 317405. The presentation material and webcast will be published at 

    For additional information, please visit or contact:
    Marcus Lindqvist, President and Chief Executive Officer
    Niclas Lilja, Investor Relations
    Phone: +46 736511363 

    About Qliro Group
    Qliro Group is a leading Nordic e-commerce group in consumer goods and related financial services. Qliro Group operates CDON.COM, the leading Nordic online marketplace, the fashion brand Nelly and Qliro Financial Services, offering financial services to merchants and consumers. In 2018 the Group had sales of SEK 3.2 billion. Qliro Group’s shares are listed on the Nasdaq Stockholm MidCap segment under the ticker symbol QLRO. 

    This information is information that Qliro Group AB is required to disclose under the EU Market Abuse Regulation. The information was released for publication through the agency of the above-mentioned contacts at 8:00 a.m. CET on April 17, 2019.