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    Interim report for January 1 – March 31, 2020

    2020-04-21 08:00 - Regulatory press release


    • Net sales amounted to SEK 591.5 (652.9) million
      The subsidiary Qliro AB increased the loan book by 38 percent and total operating income by 12 percent
      CDON increased total gross sales by 17 percent and external merchant’s sales by 101 percent
      Nelly increased net sales by 6 percent in the Nordic countries and total sales by 1 percent, in line with the transition to a Nordic focus
    • The gross margin was 25.6 (26.7) percent
    • Operating profit before depreciation and amortization amounted to SEK -32.6 (-6.2) million
      Qliro AB’s operating profit before depreciation, amortization and impairment amounted to SEK 3.5 (14.3) million, impacted by growth investments, the listing process, and provisions for future credit losses due to changed assumptions about the macro economic situation as a result of Covid-19
      CDON’s gross margin increased by 7.0 percentage points to 23.8 (16.8) percent and its operating profit before depreciation and amortization amounted to SEK -0.6 (-5.7) million
      Nelly’s gross margin decreased with 6.9 percentage points to 15.9 (22.8) percent and its operating profit before depreciation and amortization amounted to SEK -20.2 (-3.2) million after sales campaigns in a very weak market affected by Covid-19
    • Operating profit amounted to SEK -76.4 (-33.5) million
    • Profit after tax amounted to SEK -76.6 (-44.3) million
    • Basic and diluted earnings per share amounted to SEK -0.51 (-0.30)
    • The ambition to unbundle the Group remains, but the process is delayed due to the current market situation
    SEK million 2020
    Net sales 591.5 652.9
    Gross profit 151.6 174.6
    Gross margin (%) 25.6% 26.7%
    Operating profit before depreciation, amortization and impairment -32.6 -6.2
    Operating margin before depreciation, amortization and impairment, % -5.5% -0,9%
    Operating profit -76.4 -33.5
    Operating margin (%) -12.9% -5.1%

    Operations are recognized including the effects of IFRS 16. Some revenue has been reclassified since Q4 2019 from interest income to commission income in Qliro AB, and commission income is now included in consolidated net sales. The comparative figures have been adjusted by SEK 13.1 million for the quarter.


    Subsidiary Qliro AB is ready for listing
    Qliro AB is well established as a financial services provider to e-merchants and consumers in the Nordics. The company increased its loan book by 38 percent compared to the same quarter last year to more than SEK 2 billion. Total operating income rose by 12 percent to SEK 96 million. Volumes increased by 12 percent driven by merchant’s growth and the onboarding of new merchants. Following Corona-19, the Swedish regulator has changed the capital adequacy requirements meaning that Qliro´s capital requirements has decreased.

    CDON’s external merchants increased sales by more than 100 percent
    CDON has strong momentum and, in the last quarter, a total of 100 new merchants joined the platform, bringing the total number of merchants to 1 100. The external merchants more than doubled their sales and the total gross sales grew by 17 percent. The gross margin increased by as much as 7 percentage points and inventory levels decreased by 53 percent in the quarter. CDON is a clear winner in the acceleration of the digital commerce.

    Nelly grew in the Nordic countries
    Nelly increased its sales by 6 percent in its core Nordic markets and by 1 percent in total for the quarter. This was achieved even though the total fashion market in Sweden fell by 39 percent in March according to the Swedish Trade Federation. As previously announced, we have initiated a restructuring of the operations to focus on the Nordic market. This is expected to have a negative effect on overall growth during the year, but a positive effect on profitability.

    During the quarter, Nelly prioritized customer recruitment and sales over margins. We have also implemented several cost-saving measures, such as a reduction in the administrative organization of about 25 positions and a program of short-term employment in Borås, where work hours were reduced by 20 percent over three months. The company has a strong position and has gained market share during the quarter, which will be useful in the coming quarters. Kristina Lukes has joined as new CEO.

    Qliro Group’s future operations
    Our three subsidiaries advanced their market positions during the quarter. Nelly is one of the Nordic countries’ strongest fashion brands for young women and has maintained growth in a rapidly shrinking market. Qliro AB has a strong position and shows growth in volume and revenue. A listing would provide the company with a good basis for future growth, including access to the capital market. CDON has established itself as the leading Nordic marketplace with a proven scalable model and limited capital requirements. In many respects, the company has exceeded expectations and is ripe for growth outside Qliro Group.

    We remain determined to unbundle Qliro Group. The main plan is, as before, to list Qliro AB separately, distribute CDON to Qliro Group’s shareholders and to retain Nelly as the only continuing operation in Qliro Group, which may eventually change its name to Nelly Group. The split up was planned to be completed during the first half of the year, but the process has been delayed by the current market situation.

    Marcus Lindqvist
    President and CEO
    Stockholm, April 21, 2020

    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 330228.
    The presentation material and webcast will be published at

    For further information, please visit or contact:
    Niclas Lilja, Head of Investor Relations
    Telephone: 0736511363

    About Qliro Group
    Qliro Group is a Nordic e-commerce group that operates CDON.COM, the leading Nordic online marketplace, the fashion brand Nelly and fintech company Qliro AB, offering financial services to merchants and consumers. In 2019 the Group had sales of SEK 2.9 billion. Qliro Group’s shares are listed on the Nasdaq Stockholm Mid Cap 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 21, 2020.