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    Interim report for January 1 – September 30, 2020

    2020-10-21 08:00 - Regulatory press release



    • Net sales amounted to SEK 460.7 (540.8) million
      – CDON increased external merchant’s sales by 100 percent. Net sales increased by 82 percent for CDON Marketplace (service income) and decreased by 42 percent for CDON Retail (sale of own goods).
      Nelly’s sales in the Nordics decreased by 3 percent but was stable in local currencies in the Nordic. In line with the Nordic focus, sales decreased outside the region.
    • Operating profit before depreciation and amortization improved to SEK 14.0 (-0.8) million
      CDON’s operating profit before depreciation and amortization increased to SEK 7.6 (3.6) million
      Nelly’s operating profit before depreciation and amortization amounted to SEK 1.8 (9.3) million, impacted by restructuring costs of SEK 5.4 million
    • Operating profit improved to SEK 0.2 (-13.9) million
    • Profit after tax improved to -1.9 (-13.9) million and to SEK 126.4 (-13.0) million including discontinued operations
    • Basic and diluted earnings per share including discontinued operations improved to SEK 0.83 (-0.09)
    • Qliro AB was distributed and listed on Nasdaq Stockholm on October 2 and CDON is scheduled to be distributed and listed on First North in November
    • On November 6, Qliro Group will change its name to Nelly Group and Kristina Lukes will become CEO


    • Net sales amounted to SEK 1,535.8 (1,742.1) million
    • Operating profit before depreciation, amortization, and impairment was SEK -15.6 (-5.9) million
    • Operating profit totaled SEK -64.7 (-49.2) million
    • Profit after tax amounted to SEK -79.5 (-59.8) million and to SEK 3.3 (-56.9) million including discontinued operations
    • Earnings per share after tax including discontinued operations amounted to SEK 0.02 (-0.38)
    • Cash and cash equivalents amounted to SEK 222.0 (313.9) million at the end of the period
    SEK million 2020
    Net sales 460.7 540.8 1,535.8 1,742.1
    Gross profit 133.8 118.0 375.4 388.9
    Gross margin 29.0% 21.8% 24.4% 22.3%
    Operating profit before depreciation 14.0 -0.8 -15.6 -5.9
    Operating margin before depreciation 3.0% -0.2% -1.0% -0.3%
    Operating profit 0.2 -13.9 -64.7 -49.2
    Operating margin 0.0% -2.6% -4.2% -2.8%

    Qliro AB is recognized as a discontinued operation in this report. Operations are recognized including the effects of IFRS 16. Comparisons refer to the same period last year if nothing else is stated.


    During the quarter, we took several steps toward the goal of unbundling the Group into three independent listed companies. Qliro AB is now listed on Nasdaq Stockholm and we intend to distribute CDON and list the company on First North in November. When that is done, the unbundling of Qliro Group will be completed. Qliro Group’s sole business will be Nelly and on November 6, Qliro Group is changing its name to Nelly Group.

    Our shareholders previously owned shares in a conglomerate with limited synergies but will instead hold shares in three focused listed companies.

    Strong development for CDON in the quarter
    CDON increased sales from external merchants by 100 percent for the third quarter and 102 percent for the first nine months. This was driven by quick digitalization of commerce and the successful positioning of the marketplace as a significant sales channel for e-merchants. CDON Marketplace is the company’s core operation and this segment’s net sales grew 82 percent. CDON Marketplace rapid growth meant that 80 percent of CDON's total gross profit was generated by service-related income from the 1,385 merchants who pay fees to be part of the marketplace.

    CDON has a scalable business model with a strong cash flow. The company has exceeded expectations and is ready to continue growing outside Qliro Group. Provided that the extra general meeting on October 26 resolves to distribute CDON to Qliro Group’s shareholders, the company is expected to be listed on First North in early November.

    Focus on Nelly and name change to Nelly Group                            
    Nelly’s sales in the Nordics fell by 3 percent but was stable in local currency in the Nordics. Nelly increased its gross margin through higher efficiency, focus on the Nordics and lower return rates. The inventory turnover rate increased, which limited the need for working capital. The company continues to streamline its organization and is gathering its operations and logistics in Borås.

    Qliro AB has been distributed and soon CDON will also be an independent listed company. I thank you for the privilege to lead the group during the split-up, and I look forward to continuing the work as a board member of Nelly Group with Kristina Lukes as its CEO.

    Mathias Pedersen
    President and CEO
    Stockholm, October 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 6546
    UK: +44 330 336 9401
    US: +929 477 0630
    The pin code to access this call is 709667
    The presentation material and webcast will be published at

    For further information, please contact:
    Niclas Lilja, Investor Relations

    Om Qliro Group
    Qliro Group operations include fashion brand and the leading Nordic marketplace CDON. In late September, Qliro AB was distributed to Qliro Group’s shareholders. The plan is to distribute CDON AB shares to Qliro Group’s shareholders. Qliro Group will subsequently change its name to Nelly Group to reflect the new business. 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. on October 21, 2020.