Hello, welcome to the Byggmax Conference Call. Throughout the call, all participants will be in a listen-only mode, and afterwards there will be a question-and-answer session. Just to remind you, this conference call is being recorded. Today, I am pleased to present Mattias and Helena. Please go ahead with your meeting. Thank you, welcome everybody to the Byggmax Q1 Conference Call. As usual, we will talk to a presentation that is available on our website. With me, I also have our CFO, Helena. As usual, we will take turns presenting the material during this call. We'll kick off on page two with the summary of the quarter. As you probably have seen, it's a really strong start to the year despite now meeting tough comparables from a great 2020. Overall, net sales in Q1 increased 26% on top of the 23% in the comparables from last year to just over SEK 1.1 billion in sales. It is still a good market. We still continue to take a lot of market share, and I'll come back to that, of course, in a minute. Like-for-like, it was up 20%. The big driver versus the market continues to be our e-commerce, with Byggmax e-commerce increased 90% in the quarter. In total for the group, e-commerce is now 26% of Q1 sales. We have a continued increased gross margin, and we continue to be very solid on costs. Strong scale effects and a very good profit improvement. EBITDA increased to SEK 7 million in the quarter, compared to -SEK 51 million last year. Rolling 12 EBITDA margin is now almost 11%. On page three, we're listing some key events, and it's been quite an eventful quarter. Although Q1 is a small quarter for us in terms of sales, a lot of things have happened. Starting from the top, obviously we're still in a pandemic and there's a lot of precautions being taken to manage that in the responsible way. We have also in the quarter, for the first time for Byggmax, been impacted by what we call it partial lockdowns, and we'll come back to that, but some stores closed for visits during the quarter. We've continued our initiatives, including upgrading the store portfolio and opening new stores. We have entered Denmark as of January 2021, and we've also quite recently held a Capital Markets Day digitally where we among other things presented the updated financial targets, which we'll also come back to today. I'll go through these things very soon, but before I do that, wanted to highlight another important fact that also was stressed in the first quarter on page four. As you're probably aware, we are a discounter. We have a really strong discount position in the markets that we operate in. We also have an agenda to mean more for more customers, so have a broader offer but also offer a quality experience, what we call a modern discount approach. In the quarter, we were pleased to see that we were recognized both for price and quality by independent surveys in Sweden. We were awarded number one or the lowest price for Terrassprojekt by a Swedish independent survey of five, six retailers. We've also been recognized for our quality of the products for the Terrassprojekt, particularly the impregnated wood products by an independent laboratory institute that was labeled Testfakta in Sweden also. On page five, let's pause a little bit on the COVID-19 pandemic situation, what that means to Byggmax, perhaps a bit more than in the last two quarterly presentations. First of all, it's important to underline that our priority is to ensure the health and safety of the staff and the customers. We have taken many precautions to do so, and we've continued all of them in the first quarter in 2021. There's a long list of things that we've gone through before, I maybe not go through in detail again, but we are in a more favorable position than many others in the sense that we don't have stores in shopping centers, but on freestanding properties and a self-service concept. Even so, a lot of actions have been taken. Secondly, for the first time for Byggmax, we have been impacted by what we call partial lockdowns in Denmark and Norway in the quarter. To give you the details, for part of the quarter, consumers were not allowed to visit the Danish and Norwegian stores. Click and collect outside the store has been allowed. We have quickly developed what we call collect outside store offer, which helped recoup some of the lost store sales. We were forced to do so. There still, of course, is an impact on part of the sales in the quarter. The main impact was in Norway, where there were 23 of the Norwegian stores were closed for visits for about two weeks. It's still a small portion of the total portfolio, 23 out of 175 stores, and it was only for about two weeks, and we did recoup some of the lost sales through new collect outside store solution. Of course, there is still a small negative impact. In all, though, in this pandemic, we have had a positive financial impact and particularly in the sense that there is a stay home effect, which impacts all home improvement categories around the Western world, at least positively during the pandemic. We have had disruptions, but they have been manageable and they continue to be manageable in the first quarter. The main difference compared to earlier is that we are now impacted by the partial lockdowns. We still had 23 Norwegian stores closed for visitors as of end Q1, and as of a week ago, that number decreased to 11 stores closed. That was the update on Byggmax in the COVID-19 situation. Let's turn to page six, where we are outlining the market development and our sales performance compared to the mark et. For those of you who visited or attended, rather, the Capital Markets Day, you know that for the first time in 2020, we now have public independent data on the B2C part of the Nordic DIY markets, which we are really happy about. There is a report in Sweden from an industry association called Byggmaterialhandlarna, and there's a report in Norway from a retail organization called Byggfakta. That showed almost 20% growth in 2020 for the market versus Byggmax growth in local currencies, 32% growth in 2020. A clear market share gain from us last year. The big point here is that market share gain is continuing and even accelerating here in Q1 2021, and I will now go through why that is. Starting with the market on the left-hand side of this page, the market increased around 9%, 8%-10% in the first quarter. The reason why we're not more precise is that the March numbers are not yet available. For those of you who may remember, we have our own consumer panels who have been spot on versus the 2020 development, so we are confident in the nine or 8%-10% estimate. What's driving that market growth in Q1 is, of course, a continued stay-home effect. The market started to increase due to the stay-home effect as of mid-March last year. This quarter has had a full quarter of stay-home effect. There are some other factors also impacting the market development. Weather effects were negative. Spring came later than in the last year. There's an increased effect from increased consumer market prices, that we'll come back to, but basically raw material prices have been passed on to increase consumer prices, which increases the size of the market. Then, of course, the negative effects from the partial lockdowns in Norway and Denmark. In all, the market increased 8%-10% during the first quarter. On the other side of this page, you can see the Byggmax Group sales development, which increased by 26% in the first quarter. Excuse me. I think the easiest way to understand the Byggmax Group sales performance versus the market is to think about it like this. You know we're driving several initiatives to drive sales growth. For the stores that we have that are not yet upgraded, so not yet impacted by our newer store concept, they performed in line with the market. If we start from that sense, we could say that the Byggmax stores not yet upgraded increased sales in line with the market. The strategic initiatives that we have within Byggmax is really what's improving the sales. The Byggmax segment in total increased by 23%. Part of that was the entry into Denmark. The Danish business added 4%. The majority of that was from the strategic initiatives in the markets where we were already last year, Sweden, Norway, and Finland. On top of the 23% from the Byggmax segment, our other segment and much smaller segment, Skånska Byggvaror, had a fantastic start to the year with increase of 69%, and we'll come back to why. In total, that means that the group increased by 26%. A good market, but not upgraded, developing in line with the market. On top of that, own sales initiatives take the total sales growth to 26% in the quarter. On page seven, I'd like to describe to you a bit more around these initiatives, the overview, and then I'll go through some details on the coming pages. We are shifting or repositioning, you could say, Byggmax in the consumer's minds to what we call a modern discount for today's DIYers, which means we are coming from the building material side, but now offering more types of home improvement projects. We also would like to offer both a, of course, discount offer with the best prices, but also a quality experience. The way we are driving that is through three main initiatives, which all have clear positive impact on the sales. They are e-commerce, store upgrades, and store expansion. At the overview level, e-commerce within the Byggmax brand developed really well in the first quarter. 90% sales increase. Continue to be really good growth, basically across the board. Come back to some details. Collect outside store continues to be the very fastest growth track of all. Store upgrades to our new Store 3.0 concept continued to deliver 6% sales growth per store. We have upgraded more stores now during the quarter to Store 3.0, that really helps. As part of that, we have garden departments now in quite a lot of our stores, almost 40% of the portfolio. Garden performed really strongly in quarter 1, 70% sales growth on the garden categories. On top of that, we continue to open new stores. There are still white spots left. All in all, store expansion delivered 4% sales growth for us in the first quarter. On top of that, the new stores from the acquired business in Denmark. All three growth initiatives continue to perform really strongly with a particular acceleration on the e-commerce part. Now I'd like to give a little bit more detail on each one of these three. On page eight, we'll move to the e-commerce part, where we had a very strong growth. It's been an ongoing work for the last two, three years to really reposition and build out the e-commerce business. There are several things that are really driving this, including a larger assortment, a better e-commerce site, and many more delivery options, which is really helping. We did have a sort of positive boost on the e-com number per se from the lockdown in, or the partial lockdown in Norway. As mentioned, for the stores where visits was not allowed, collect outside store was allowed, which boosted the e-com number a bit. Still, even so in Sweden, with no lockdowns, Byggmax e-commerce increased really well, 65% also in Sweden. Basically a really strong growth across the board. Very strong growth from both the products we also have in stores, the store assortment, very strong growth from the online exclusive range. Very strong growth from home delivery, and the very fastest growth continued to come from collect outside store, which is growing really, really fast. We, as mentioned or detailed maybe on the Capital Markets Day, we clearly see that the fastest growth comes from sort of integrating the e-commerce offer with the stores to the collect outside store point. Also we see that when we just open a store in a new geography, e-commerce sales in that geography increased by 15%. There are other factors as well, but really pleased to see that those effects are coming in the numbers. We are also taking quite a lot of steps forward on the e-commerce front in 2021 and really strengthening the e-commerce offer for the future. To give you some highlights, we are the first now in Nordic DIY to offer or launch what we call proactive track and trace, which means that Byggmax will keep track of where your order is and let you know in case it arrives early or late or spot on time. It's of course something that exists in other retail categories and industries, but not in DIY so far. We are developing a larger range online, including some private label ranges. This spring we will see the first batches from the garden furniture and bathroom products under our own private label. We're also continuing to be sort of on the customer side and helping people to do DIY and launching over 200 digital guides and instructions on our website during the year, of which almost half are up already. A lot of e-commerce and online focus and a lot of progress in that area, basically. On the second main growth initiative, store upgrades on page nine. We are upgrading all of our store portfolio to what we call Store 3.0. Store 3.0 is our way to describe the sort of new position we would like to have for the Byggmax stores, where we offer more types of home improvement projects. We also offer a better quality experience in the stores. We do that in three versions or three formats. We have a small town format for smaller towns and catchment areas, a regular format, and we have a large format. The regular and the large format both have a garden department, and the large one has a large garden department. These formats include, as mentioned, of course, a great offer of building materials, but also garden, paint, flooring, storage, several other categories which we see have been developing the very fastest also in the last year. As mentioned many times before, there is a really good sales effect from these upgrades, and upgrading a store to Store 3.0 generates 6% sales increase per store. We provide a detailed view of our store portfolio on page 10. To give you the specifics, the Store 3.0 is now up to 80 of our stores or 46% of the total store portfolio. The portfolio grew by six stores in the quarter. Two new stores were organically opened, one in Sweden and one in Norway. Excuse me. Four stores from the acquired Denmark business. We have upgraded 12 stores during the quarter to Store 3.0. We also now have, as I mentioned, garden departments in almost 40% of the store portfolio. We have announced 10 new store openings so far for 2021, of which two have been opened, so eight not. The goal is to open 12 new. Most of them have been announced, and we have also announced two relocations of stores, both of those in Sweden. Let me say a few words about Denmark before we shift to our other segment. It's of course a fairly small business. We took over the business as of Jan. one, and the important and positive message is that we're off to a good start. As a quick recap, sales of this business is about DKK 125 million last year. It's, again, a small business with four stores in Zealand, so around the Copenhagen area, if you like. Then 30% of the business is e-commerce. It's a good start of the year with good sales increase and also I think a really good teamwork and good progress on identifying synergies. There are several things that we think we can benefit from sharing supply chain on, and the first goods have arrived to the Danish stores from the existing Byggmax supply chain already. In terms of sales, this acquisition adds 4% of sales in the first quarter 2021. On page 12, we describe our second segment, Skånska Byggvaror, which is, as you know, much smaller. Byggmax segment is 90%, still an important business and had a fantastic start to the year. Really strong benefit from the online garden niche position with an online trend, of course, being strong and garden being very strong. Very positively positioned and then also very good results from the growth initiatives we are driving within Skånska Byggvaror, particularly around new product development, which is driving good sales and continued digitization of the sales and marketing efforts, which is continuing to take good steps forward. All in all, Byggmax Group is a seasonal business, Skånska Byggvaror is an even more seasonal business. The first quarter is small, still sales growth of 69% in the first quarter. Very good, of course. Then also a strong order intake in the quarter. Skånska Byggvaror is still focused, remain focused on executing these initiatives that we are talking about before, where there is more to do around product development, around digital sales and marketing, and continue to drive the business in particularly Norway and Finland. We had a Capital Markets Day on March 23, so fairly recently. I wanted just to mention a few things from that. There were five important areas that we covered during the day. We did detail out the drivers of the market share gains last year. We talked about quite some time about the big trends that are now impacting the DIY industry and to some extent other retail categories as well, where discount is continuing to take share. The home is getting an even more important role in people's lives and how e-commerce is growing across retail categories and what that means for Byggmax. We also went in quite some detail around the repositioning of Byggmax to what we call the modern discounter for today's DIYers to offer more home improvement projects, to offer a quality experience, combining the best of stores and e-commerce, still, of course, offering the best possible price. Helena mentioned or detailed several things around the financials connected to our strategic growth initiatives. We also covered updated financial targets, which I will say something more about just in a second. As a reminder for those of you who may have missed it, the whole Capital Markets Day is available digitally on our IR website. Page 14, just a short recap of the updated financial target as that is an important, of course, event. The main change, the most important change to the financial targets is the change in the sales target, which is now stated as SEK 10 billion by 2025. It clearly shows that we have an ambition to continue to grow, and it's a concrete target that we like to have. The EBITA margin on the profitability target is not changed from previous targets. We have introduced a leverage target or a net debt to EBITDA, excluding the IFRS 16 effect, which we are clearly below now but were above earlier if you look back a couple of years. The dividend target is not changed. We have introduced a new target, which is actually not a financial target, but the target connected to our sustainability efforts, connected to our CO2 development specifically. From CO2 emissions from goods transports, where we aim to reduce that per ton kilometer by 70% by 2030 compared to 2010. Profitability and dividend sales targets unchanged and new for leverage and sustainability, particularly a clarified sales target to show the ambitions on the sales development in the coming years. With that, I turn to Helena to go through some of the financials for the first quarter. We are on page 15, the sales development in the first quarter for the group in total and how it's divided into our two segments. If we start with our biggest segment, Byggmax, representing almost 90% of our sales, we have the sales development in the first quarter versus 2020, +22.9%. The sales growth is divided into like-for-like acquisition and new stores. In the period, the like-for-like growth was slightly above 15.4%, and new stores contributed with 3.8%. We also have the acquisition and then four new stores in Denmark. In the Byggmax segment, the new stores contributed with 4.8% of the sales growth in the quarter. We have the smaller segment representing approximately 10% of our sales, Skånska Byggvaror. They had a very strong quarter growth of 69.1%. The like-for-like growth was slightly higher, and it's impacted by foreign exchange negative effects. For the group, a growth of 26.4%, and the strong growth is from the underlying order growth, obviously, and the COVID-19, the pandemic from stay-home impact. In addition, we have the strong sales from our growth initiatives contributing to the market share gain as presented previously in the report, where we have the Byggmax stores more in line with the market development. Although a small quarter, we have also very strong growth in Skånska Byggvaror from its own initiatives as well. Moving on to page 16 and the full P&L. We have the sales of SEK 1.1 billion in the quarter. This is one of our smaller quarters in low season. We have gross margin increase up to 33.9%. It is very positively impacted by favorable product mix and scale effects, but also increased from consumer market prices driven by market expectations of increased raw material prices in the period coming. The cost control remains solid. Comparable cost increased by SEK 9 million in the quarter, and the increase is mainly due to personnel and store operations related to the sales growth. Cost related to new and the acquired stores amounts to SEK 21 million. In the period, we have strong sales development and cost control contributed to increased EBITDA by SEK 58 million, from -SEK 51 million to +SEK 7 million for the first quarter. The strong improvement is seen in both segments, but especially improvement in Skånska Byggvaror with strong sales in such a small quarter. If we move on to the cash flow and the net debt development, we have cash flow from operating activity of SEK 332 million in the first quarter. It is an increase of SEK 112 million compared to last year. The improvement is mainly driven by the strong performance and in combination with some increase of accounts payable. We have a significant reduction in net debt. Net debt amounting to SEK 318 million, excluding lease liabilities, to be compared with the position of SEK 1.86 million in the first quarter 2020. Thank you, Helena. Just to round this call off, two more points. Firstly, on page 18, a quick overview of the performance versus then the recently updated financial target. Well, as a recap then, sales increased by 26% in Q1, which, of course, is a very good first step with the new financial targets to SEK 7 billion rolling 12, compared to the target of SEK 10 billion in 2025. EBITA margin rolling 12 is almost 11%, 10.9%, clearly above the target. Leverage 0.4 x is also clearly better than the target. Dividend, the board proposes SEK 2.75 per share, which is less than the 50% on net income. Still SEK 2.75 per share to be approved by the AGM in May. The carbon dioxide emissions were 32% lower last year compared to 2010, and the target is to get to 70% by 2030. Overall, a good start versus the updated financial targets. Lastly, forward-looking and looking maybe particularly on 2021, and we're now on page 19. Start by saying, taking a step back and reflect on the first quarter and what that means. We could say that, of course, it was a really strong start to the year. Still a good market growth. Continued the trend from 2020 with really strong market share gains, even more market share gains now in the first quarter 2021. Continue to be driven by our initiatives, and particularly Byggmax e-commerce that is growing at 90%, is the biggest driver of that share gain. We also continued to see the fastest growth from younger customers, a trend that we, in line with many others in Europe, started to see during the autumn and have continued throughout the autumn and also now in the first quarter 2021, which of course is also promising for the future. Just as in previous periods, we do get strong scale effects and profit improvement from sales increases. Overall, a strong quarter, not just financially, but sort of confirming the initiatives and the effect that they have and also that we take market share. We are still very focused on our organic growth initiatives. We have much more to do on those, and we clearly see that they are giving positive effects. We are focused on continuing to move Byggmax towards the modern discounter for today's DIYers. As mentioned, the eCommerce efforts are being stepped up during 2021, and we will continue to upgrade the store portfolio. We upgrade mainly in the low season, and we will continue to open new stores. The target is 12 new plus the four acquired in 2021. If we look a bit ahead, both in the short term and sort of the longer term, we could say that if we talk short term in the sense of next quarter short term, we expect a continued good market, and we also expect to continue to tackle some operational or quite some operational challenges that we just as we did in Q1. We expect the market to be boosted by a stay home effect for at least good part of Q2 as well. Spring arrived later, but it's still a good market overall. We do have still Norwegian partial lockdowns in April, 23 stores at start of April, 11 sort of as of right now. We are also up against exceptional comparable sales figures from the very peak of the stay home effect in Q2 2020, and particularly so in April and May. Longer term, we are focused now on getting to SEK 10 billion in sales in 2025, and of course, the other financial targets coupled with that. We are in a good spot in many ways, but particularly sort of two worth to mention. First of all, these growth initiatives that is really taking market share have a lot more to give. We also now have Denmark in place with a good start, which adds to the potential. Secondly, Byggmax is now positioned to benefit from some really big trends with discounts continuing to take share. Home is becoming even more important and sort of increased digitization and eCommerce growth, which also plays to our favor. That concludes the presentation part of this conference call. With that, we turn to operator to manage questions. Thank you. Thank you. If you do wish to ask a question, please press zero one on your telephone keypad. If you wish to withdraw your question, you may do so by pressing zero two to cancel. There will be a brief pause while questions are being registered. And our first question comes from the line of Niklas Ekman from Carnegie. Please go ahead. Your line is open. Thank you. Yes. A couple of questions, if I may. Firstly, if I can start with the last bit here. You talk about current trading. On the one hand, very strong momentum, on the other hand, very tough comparisons. Are you still growing as you go into Q2, or are the tough comps basically suggesting that you're now contracting in the start of Q2? Well, I think we have to answer that in two steps. Q2 last year was completely, I would say, unusual and exceptional, and the really peak of the stay home effect was during April and May. In total, the growth last Q2 was 40%, but April and May were clearly beyond that even. Compared to history, a very good start of April and continued good momentum in the market and continued very good effect from our initiatives, but compared to the start of the Q2 last year, we are not all the way up there. Okay. That's good. Also a question on the gross margin. You touched upon this here with quite a strong gross margin increase, and it seems like it was boosted here by rising raw material prices. Is this something that can continue higher going into Q2 and the coming quarters, or will tougher comparisons and this kind of the rising raw material prices, is that something that's going to catch up and bring gross margins potentially lower? What is the short medium-term outlook here for gross margin? It's a good question, Niklas, and a good catch. Let me provide some color on the gross margin. I think even moving back to get the bigger perspective in, we have been over the last two years, or particularly I would say maybe last year to make it a bit easier, had very good growth on expansion driven by product mix and scale effects, basically, particularly in logistics and where we have a lot of own control. I think now exactly as you say, scale is not so big effect in the smaller Q1, but product mix continues to help. The biggest driver of the expanded gross margin in Q1 is the pricing effect, and that requires some detailing. What's going on is that the raw material prices are really increasing in a lot of categories, I guess, around the world. You are probably very well aware of that on this call. This market has proven many times, at least during the four years I've been here, that increased in goods prices turns into increased consumer prices. That happens now as well. What is a bit different this time is that happened quite fast. Consumer prices went up almost faster than the COGS increased. There is a time effect which impacts gross margin positively in Q1 specifically. Now, looking forward, we enter the quarter with, I would say, a somewhat positive time effect still. I think it is still very much to be determined when the dust settles in the raw material increase rates around the world, whether the sort of net price impact will be positive or negative on our gross margin. I hope we will know more. I guess everybody hopes we will know more about stabilized raw material markets by summer or so. For now, it is a positive temporary effect and we will see where that lands when we are in summer. Thank you. That's very clear. I also have a question on the garden assortment. You talk about a very strong growth here of 70% year-over-year. How big share of sales are we talking about, roughly? I think you mentioned here that it's available in 40% of your stores, but how big share of your sales roughly are we talking about? What do you see the potential here? How big part of your sales will this be four or five years from now? Very good question also, Niklas. It's still not a huge part of our sales, and garden is particularly peaking during Q2, so we are, in total as a company, still in sort of high single digits. If you just look at the Byggmax part of the business, then of course, Byggmax Kongsberg is really heavy within garden or garden-related buildings, which is another 10% for the group. Yes, we are now as part of our Store 3.0 upgrade, putting garden department, small or large in most of our stores. That will clearly continue to help. We also see very good like-for-like effects of garden, where our view is that there isn't really a good discount offer on a lot of garden categories. Thirdly, I'd like to mention, we also have a very strong online growth of garden products, where we have a much wider assortment of garden-related products online. Clearly a growth area for us and something that we continue to drive and believe in for the future. Okay. Very good. Thanks. Finally, a question on your net debt EBITDA target. You mentioned your target to keep net debt to EBITDA under 2.5x. You're at 0.4 x now. You're not looking at making any larger acquisitions, and the dividend payout for this year was only set at 35%. How would you get to almost 2.5x EBITDA in net debt? It sounds like the net debt is going to go lower, not higher, or are we missing something here? Well, your logic is completely correct. I think the dividend target, the proposed dividend was announced quite early last year, was a lot of changes during the pandemic, and the board decided to announce that already in Q3. I think we are really focused on, as the primary growth driver, organic growth. There is no single large acquisition on the table. We are still open to make acquisitions which are sort of a means to an end, so to speak. I think the Denmark example is pretty good, where we acquire something that we think we can continue to develop and helps us boost organic growth. That may continue to happen. Even so, yes, we generate a lot of cash and particularly during now Q2 and Q3. There is a good discussion to be held, I think, also in the boardroom, whether this should impact dividend or M&A or buybacks or even further organic growth initiatives. I think from a management perspective, we are really pleased that we could have a big room to focus even more on organic growth. We were also able to build up a really good inventory position really early within quite challenged supply market. Even that said, just looking at the numbers, exactly to your point, Niklas, we will have a very strong balance sheet, even accounting for higher CapEx and early inventory buildups just in a quarter's time or so. Thank you. Thank you so much for taking my question. Thank you. Our next question comes from the line of Karl Lane from Carnegie. Please go ahead. Your line is open. Thank you very much for that. Hi, Mattias and Helena, and congratulations on a very solid report here. A few questions from my side, starting with the Store 3.0 conversion on the stores. Talking about this has been quite an important driver here in like-for-like, and that the previous concept grows roughly in line with the market. You are up at 46% today of the total stores versus 39% in Q4. Is there any reason why you are not aiming to do the full conversion before 2023, given now that the market remains very favorable for you also, at least here in the near term? Or would that even be possible? Yeah. Hi, Karl. Thank you. You are completely right in your statement of the facts. Yes, it's an important driver for us. Yes, we have an outcome to complete all the portfolio upgrade by 2023. You're also right that this may be a good opportunity to do that a bit faster. I'd say there are also some practical sort of operational aspects to that in terms of upgrades and in some cases, lease contracts you would like to renegotiate at the same time, et cetera. By the latest end 2023, this should be done and gives us a good continued effect for a couple of years' time to drive like-for-like. Okay, perfect. Second question here on online. You had a nice slide on that here previously as well, and also spent quite a bit of time here on the CMD where you want to be. Could you give any more flavor sort of how long have you come here in the journey versus what you announced here on the CMD? You talked about increasing the number of SKUs, for example, to 150,000 versus 50,000 at now. Could you say anywhere more where you are there today and how long you've come in that improvement journey in the online offering? Yes, we can. I think, and it's good to put that in relation to maybe the Store 3.0, where, as you say, we're sort of almost half the portfolio. I think for the e-commerce part, we feel that we have much more left to do. Although we are clearly moving forward, we see a lot more potential. We are still just, I think we are now at 55,000 SKUs, if I remember correctly. There is a lot more work to do to broaden the assortment and to offer a wider Byggmax range with more home improvement projects that should clearly drive sales. We also believe that there is a lot more to do on the delivery part. Maybe stepping back to some of the consumer insights from the CMD is that in this category, people would like to spend their time fixing the fence or doing the garden project or painting the wall. The time and reliability is really of essence, and it's probably partly why click and collect is growing so incredibly fast. We believe that with the effort we are doing there, and as described at the CMD, we will also continue to take market share. The track and trace would be a good one for us, for example. It's a good question, Karl, and I think if we are sort of almost half on the store portfolio upgrade, we are much more in early stages on the e-commerce part where we see a lot more potential. Okay, perfect. Final question here, a follow-up on the gross margin there. You talked about price increases, a combination of price increases and positive mix effect. I think you already answered the question here, sort of how we reason for Q2 on the price increases. Could you say anything on the mix effect here in April so far? Do they remain favorable? Is that a similar sort of thinking from Q1, which you've seen here so far in Q2? Yeah. It's a gradual continuous positive effect. In Q1, the pricing effect is the bigger one of the two. What is a nice additional effect from the Store 3.0 upgrade is that the new assortment that we introduce, those categories have a higher gross margin. As we continue to upgrade the portfolio towards 100%, we also continue to get the positive product mix effect. It's not a huge shift versus Q1 to Q2, but all in all, continues to be somewhat positive. Okay, perfect. Thank you very much. Thank you. Our next question comes from the line of Fredrik Ivarsson from ABG. Please go ahead. Your line is open. Thank you. One question from my side. Mattias, you mentioned that you've sort of gained a few new customers in terms of younger customers, and I'm curious to hear how these deviate from your sort of legacy customer, I guess both in terms of channel and product mix, but also average receipt and those kind of things. If you could just talk a little bit about that. Absolutely. That's a good one. That is something which several players in the DIY industry is currently digging into, so it's also a good one to compare notes on. Yes, I think two maybe drivers of the sort of younger customers getting into Byggmax, which is all in line with the industry, I would say, and starting at around August, September time, mainly visible. First of all, I think more younger customers are now sort of amped, sort of DIY as a phenomenon. I think at the CMD, we also brought in the European perspective where I think the trend is that customers, people have been at home. I think there is a trend towards doing things yourself and taking care of your home. Now grad step by step, younger customers are also taking on DIY. If you listen to The Home Depot, the biggest DIY player on the planet, they see clear trends that the customers comes in and do smaller and easier projects. If I remember correctly, they remember things like putting up shelves and fixing paints and stuff like that. Gradually, I guess, with self-confidence, moving on to more and more projects or bigger and bigger projects, and so also part of their growth in the last quarter. I think the second part, which is really driving younger customers into Byggmax is the e-commerce growth, where we also see a lot of younger customers coming in that probably also connected to they were offering more types of home improvement projects and, for example, garden equipment, lighting, storage products, which is also maybe more relevant for younger customers. Both the renewed DIY trend seen across the Western world since the autumn and the e-commerce growth is helping us to get the new customers into Byggmax. Thank you. To follow up on that, just to get it right. I read your answer, Mattias, as these new customers probably have or had a lower average receipt, but a higher margin than your legacy customers. Is that correct? Yeah, that's correct, Fredrik. I guess it's good that you follow up. I guess my point is that it's not so much that the customer profile is different, it's sort of the product mix that they buy, which is different. Yes, that would be a correct statement from your side. Excellent. Thank you. Thank you. Just as a final reminder, if you do wish to ask a question, please press zero one on your telephone keypad now. We have no further questions, I will hand it back for closing remarks. Well, thank you, everybody, for joining this call. I wish you all a great day and look forward to talking to you again at the Q2 report.