Q4 2022 Desenio Group AB (publ) Earnings Call Transcript
Well, welcome, everybody, to Desenio Group's Q4 results presentation conference call. So with me today, as usual, I have our CFO, Kristian Lustin. And the presentation materials are available on our website. And as usual, the Q&A session will follow at the end.
In Q4, the market in Europe for wall art was stable, seasonally in line with the previous quarter. Demand, however, was at a lower level compared to Q4 2021. This was reflected in Desenio's net sales, which decreased by almost 12%. In the Nordics, net sales fell by 6%, core markets in Europe fell by 8%, and the rest of Europe fell by 22%. The rest of the world increased by 4%.
We operated in a market with increasing cost of marketing. We do see signs that competition in online marketing is decreasing, but at the same time, humbled by the fact that it's too early to predict how it will affect the cost going forward. We navigate this changing landscape with cost control and daily tactical adjustments over marketing.
In North America, which still represents a fairly small
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