Q1 2020 Boozt AB Earnings Call Transcript
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Thank you, and good morning, everyone, and welcome to our Q1 2020 presentation. If we go to the first slide and start by going through the key highlights. I'll just go through that briefly. We had a net revenue growth of 8% in Q1. That was -- and that was kind of in line with expectations. So the growth was in line with expectations in January and February, but it was quite negatively impacted by the coronavirus in March, especially Boozt.com. Revenue was negatively impacted by the lower spending on fashion due to the virus as well as we chose not to participate in the very high end of season sales, high discount end of season sales in January and February, and also affected by change in the agreement structure with a large brand.
Booztlet, our stock grew to 112% in the quarter. As previously announced, we have done an extraordinary write-down of stock of SEK 57.8 million. And if you would exclude that, our gross margin has actually improved, both due to our better
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