Thank you. Good morning all. Welcome to our Q1 2021 Presentation. If we go to the first slide, the key highlights. I guess there's not so much new since we came out three weeks ago, but again, highlight, we had a very strong growth throughout the quarter, both from new and existing customers. The net revenue growth was 48.5%, but in local currency it was 54%. As we said, I'm slightly disappointed that we didn't pass the 50% mark, but then we have something new to strive for. The adjusted EBIT margin was 6%, which was very good, and the EBIT margin was strong because we saw very high leverage on the top line growth, where all our kind of cost control came in line and we managed to basically manage the high amount of volume without incurring extra costs. That was quite nice. The home category is strong, has actually been performing ahead of expectations. We have many new exciting brands, have around 130 live, but we have agreements with around 260 brands and will have more than 200 brands live at the end of Q2. Definitely, the home category has been very good for us, and we're still very bullish on that category. We have a cash outflow in the quarter, mainly to build the inventory. As you might remember, last year at the same time, we actually were short on stock towards the end of Q2, and we want to make sure that we're not in that position. We have been shipping a lot of inventory into the warehouse that we expect to ship out during the next three to five months. This is why our net working capital is high and the cash flow is negative. We've also taken some very strong steps to transform into what we call a true platform business, as we've talked about before. We want to be in control of a bigger part of the value chain, which is why we now have launched Boozt Pay across the entire Boozt universe, both Booztlet and boozt.com, as well as we have been ramping up and increasing the Boozt Media Partnership. Finally, current trading. It's strong. April was very strong, and we also see the beginning of May being strong. We see that here again, that the consumer demand is high and this change of habits that is taking place over the last 12 to 15 months seems to stick. That's good. Just to mention again, our 2021 outlook that was recently upgraded, we expect to grow now at between 25%-30% and have an adjusted EBIT margin above 5.5%. We are still quite bullish in our market. If we go to the next slide, looking at the KPI highlights, customer satisfaction, which I believe is probably the most important slide in the deck every time. Trustpilot is very stable around 4.6, while our NPS score is very high at a 75 increase versus Q1 last year, which is very positive because this is a sign that the customers that buy from us, they are very likely to come back at a later stage. We are very positive on customer satisfaction. It's very pleasing to see that in spite of the fact that we had this very high growth in the quarter, we still managed to deliver on our promises towards the customers. If we go to the next slide on the order development, you see that the number of orders, it was up 36%, but it's very pleasing to see that the average basket size is up versus last year, up now at 815 SEK, up 3.7%. This is due to the product mix. We can see that we've managed to put more items into the basket. That is always kind of the wish that for every e-commerce or every basically retailer too, when you have the customers to get them to put more items in the basket. We see that now that we're expanding into new categories, adding new brands, adding new categories, that the consumers tend to put more items in the basket. That is extremely encouraging and a contributing factor to increasing basket unit economics. If we go to the next slide on the cohort development, we've seen that for the last 12 months, we have increased the active customer base by 30%. The number of orders for active customers is down. That is as expected due to the pandemic, that we've seen that people in general have been buying less fashion, but we've seen more people buying fashion. The overall market has been down, but there has been a huge spike in penetration, and this is also why it's very expected that the number of orders per active customers is down. Going forward, of course, once we go back to more normal levels, we expect that number to go up again. I think that kind of the true frequency number indicates that direction because we see that if we strip the fair use customers which we basically ought to call unfair use customers. If we strip them out, we can see that our frequency actually is slightly upwards sustainable, which is quite good. If we go to the next slide on our fulfillment, it's fair to say that we are growing faster than expected, and as we mentioned, I believe at the last call, we were under-invested in our warehouse CapEx in 2020. We've been running a very tight ship in the warehouse, close to max capacity, and we need to get ahead of the curve again. Which is why we are again investing in the warehouse. We need to accelerate our investments, which is why we've initiated basically phase 5 and 6 of AutoStore, and we'll be installing around 250,000 bins over the next three to four months in the warehouse. We took over the fulfillment staff in the warehouse as of January 1, more than 400 employees. It's fair to say that it's been successfully completed. We haven't had any major hiccups. We expected hiccups, basically we were quite well-prepared, and it has been very well executed from our team. We're quite happy to see that we've seen increased cost efficiencies. Costs have come down, the savings that we've expected from the insourcing of the fulfillment have started to materialize. We also have inaugurated the new warehouse next to the current one. It's a warehouse of 32,000 sq m, which now adds onto the old building, as you call it, of 43,000 sq m. This new warehouse will house the processes surrounding the automated pick and pack or the AutoStore. Basically everything that is not AutoStore will be in the new warehouse. That means that the old warehouse will more or less be one big AutoStore facility, and once we're done with that, it will contain about 1 million bins and 1,000 robots. Now we're building that, and we need to kind of spend the CapEx to fit the new building, which is why we now expect our CapEx to be around 5%, because we need to get ahead of the curve. We learned back in 2016 that the worst thing that can happen to a fast-growing retailer like us, is that if you get too tight on your warehouse capacity, you just basically get quite large economies of scale. That's why it's cheaper for us to invest in space and in robotics than to run a too-tight ship on the warehouse. Having said that, I would like to go to the next slide and hand over to Sandra Joy Sahlertz for the financial update. Thank you. If we look at the group results, it concludes the net revenue growth of 48.5% for the group in the first quarter. Growth in local currency was 54%. The pattern we've gotten used to since April last year, where we see a change in product mix leading to lower return rates, continued also into the first quarter this year. Growth was especially strong in the men's, kids, sports, and home category. Net revenue in the Nordics increased with 47.7% during the first quarter, driven by Denmark and Sweden. The growth in Norway and Finland was slightly below average. Rest of Europe increased with 58.1% as Boozt placed its emphasis growing the share of sales in Germany and the Netherlands. We have high ambitions on new customer growth for 2021. After the first quarter, we are well on plan with approximately 350,000 new customers onboarded. The gross margin was 40.3% in the first quarter, 8.4 percentage points higher than last year. If adjusted for the extraordinary write-down we did last year, the improvement was 0.9 percentage points. The improvement not related to the extraordinary write-down of stock is explained by the inventory risk-sharing agreement that previously impacted the fourth quarter. As from the autumn-winter season 2020, this effect was moved forward to the end-of-season sales in the first quarter of 2021. The adjusted EBIT margin was 6% in the first quarter, an improvement of 14 percentage points. If excluding the effect from the extraordinary write-down, the improvement was 6.3 percentage points, driven by overall improvements in cost ratios, as I will come back to. If we move to the next page, we can see that the net revenue growth for Boozt.com was 40.7% in the first quarter. In local currencies, growth was around 45%. Growth was strong throughout the quarter, but with a positive trajectory towards the end of the quarter. The sales mix with highest growth in men, kids, sports, and home positively impacted growth as well as return levels compared to last year. With our high focus on growth for 2021, we have increased the absolute level of marketing spend with more than SEK 120 million to continue the strong growth in new customers. Despite the high level of marketing spend, the underlying profitability, also when excluding effects from the extraordinary write-down last year, was improved as scale contributed to leverage on the cost base. Average order value increased with 3.7% to SEK 815 despite currency headwinds. Change in sales mix toward kids, sports, and home at the expense of occasion wear categories affected the gross average order value negatively, but was compensated for by the lower return rates and increased number of items per basket in these categories. Finally, I just want you to note that the Boozt.com segment now includes the physical Beauty by Boozt store. This means that we have recalculated comparable numbers in our segment reporting, while the one-off of SEK 35.4 million related to the closure of the store in Copenhagen that we did in March last year has been reallocated to the Boozt.com segment. Moving on to the next page, we see that Booztlet grew 100% in the first quarter and around 107% in local currency. Coming into the first part of the second quarter of 2021, we have tougher comparison numbers to work against for the whole group, but this is especially affecting Booztlet that got access to low-value stock after we have performed the extraordinary write-down in March last year. As discussed in our full year report, Booztlet will try out expansion outside of our main markets in the Nordics, with main focus on Germany and the Netherlands. In the first quarter, 11% of total sales was outside of the Nordics, which is to compare to 4% in the first quarter last year. To secure a healthy growth with satisfying unit economics, we now secured better distribution agreements for these markets, which is expected to allow for further investments into new customers. Finally, you should also note that the Booztlet segment includes the group's physical Booztlet stores. Our physical stores are affected by COVID restrictions. All in all, the three stores that are included in the Boozt and the Booztlet segments carried a loss of around SEK 2 million in the first quarter. This is expected to normalize around the break even towards the end of the year when we expect the society to be fully open again. Moving on to the next page, we see the developments in the cost ratios in the first quarter. The fulfillment cost ratio decreased with 2.3 percentage points to 11.1%. The decrease was driven by lower return rates, leading to lower handling and distribution costs. Decrease is also impacted by the in-source fulfillment operations, as well as contractual improvements in distribution. As Hermann mentioned, the insourcing of our warehouse operations has developed in accordance with our expectations without any major hiccups. We're fine-tuning our operations to ensure best possible operational efficiency, enabling a strong customer proposition as well as market-leading unit economics. We expect that the fulfillment cost ratio to stay around 11% for the full year of 2021, as we have communicated previously. The marketing cost ratio was 10.6% in the first quarter, slightly higher than last year. This is in line with our strategy to grow our business at full speed in 2021 with continued high customer growth, low customer churn, and higher retention from existing customers. The adjusted Admin and other cost ratio decreased with 2.4 percentage points in the quarter to 9.2%, driven by general scale effects and leverage on staff costs and positive currency effects from operations. Throughout the first quarter, we have invested heavily into new employees to make sure that we have continued ability to strengthen the customer experience and continue growth also beyond the immediate future. The adjusted depreciation cost ratio decreased with 1.2 percentage points to 3.3% in the quarter, implying that we are running close to full capacity in relation to our warehouse automation. As we will invest to secure more capacity in our fulfillment center, we expect this ratio to increase in the second half of 2021. Moving on to the next page, we see that the net working capital decreased from 11.9% - 7.8% of last 12 months net revenue. The corresponding number in Q4 2020 was 1.7%. Compared to last year, the decrease to 7.8% was driven by leverage on working capital and a higher inventory turnover rate, as well as lower return rates. Compared to Q4, the net working capital increase is heavily impacted by stock-building activities to facilitate high growth in the first half of 2021, as well as the buildup of our inventory for a new home category and Booztlet. We also focus on securing attractive campaign stock for 2021. Moving on to CapEx that totaled SEK 42.5 million in the quarter, we see that the investments in intangible assets slightly increased compared to last year, while the investment in warehouse automation of SEK 25.7 million is related to the completion of the fourth expansion phase of AutoStore. As Hermann mentioned before, we are, due to the high growth rates, running a relatively tight ship in relation to warehouse capacity. Ensuring warehouse capacity is key to continuing to grow our business the way we would like it to. Due to the general delays in the raw material markets, we will focus on securing future storage capacity as soon as possible, which may imply that parts of the investments planned for 2022 come earlier than previously communicated. Our current estimate on CapEx for 2021 is at 5%. The operational cash flow for the first quarter was a negative SEK 193.4 million. That is to be compared to a negative SEK 6.9 million last year. The outflow is mainly due to intensive stock building to continue our growth journey and provide customers with the best possible assortment. This concludes the financial update, and I would like to hand back to Hermann. Thank you, Sandra. If we go to the next slide, which is our capital allocation priorities. Just to reiterate, because we get a lot of questions about now that we have done the listing in Copenhagen and did a capital increase, when will you spend the money? I think it's important for us to say that we're in no hurry and our principles are unchanged, and we try to maintain discipline of our focuses as always, organic growth, and if it makes sense, we would like to go do any bolt-on acquisitions, nothing transformative. If we can strengthen categories, if we can get access to some technology maybe faster than expected, or if we can improve on our market presence, we will do that. So far, we haven't found a match. Again, to be quite sure that we are not in a hurry. We don't want to do anything that will jeopardize the organic growth. We are growing organically in absolute numbers more than any of the potential acquisition targets, so it would be stupid to sacrifice that for some short-term or some enticing acquisition opportunities. We are still focusing very much on organic growth. Of course, in time, if we don't find anything and we sit on an excess cash, we will return it to the shareholders in a tax-efficient way. If we go to the next slide, the outlook, the final slide. Just to reconfirm the outlook that we expect to grow net revenue between 25%-30% and to an adjusted EBIT margin above 5.5%. Then again, our medium-term financial ambitions, they are still the same, to grow faster than the market and to keep the margin in a 5%-7% range. Again, we are very much focused on the growth, and we don't want to sacrifice growth for short-term margin expansion. It's very much a growth focus in the market that is growing. This concludes our presentation. I would like to hand over to the operator for any questions. Some questions? [Thank you for holding. First, if you would like to ask a question, please press zero one on your telephone keypad. It will now be a place for questions being registered.] The first question comes from the line of Euan Brown from ABG. Thank you. Hi, guys. I'm curious about the Q1 EBIT margin here. You did the exercise for 2020, where you came with a sort of pandemic-adjusted EBIT margin of 5.2%. How do you reckon this quarter's margin would play out with the same exercise, so to say? I really expect that this margin this quarter is, I would say, pandemic-free. We don't think there's any reason to do any adjustment for the pandemic. I'm inclined to say it's water under the bridge. This is kind of a sustainable margin we expect. Yeah, the margin, when you grow this much, of course, we get a lot of leverage on cost of personnel and other operational costs. Yeah. Great. Also regarding the specific categories, you mentioned that Man, Kid, Sports, and so forth grow faster. Is it possible to get a range between the high end and low end of category growth during the quarter? We don't really disclose the different categories. Obviously, of course, the women have been buying less. The women's share is now below 50%, actually below 45%, which is quite encouraging because that means that it's the categories that are growing quite fast, and these are typically low-returning categories. We expect that now society is open and we will be more social, that the women will come back and buy more dresses and more occasional wear. Obviously, some of the categories are growing more than the average growth. Thank you. A last question as well. You mentioned April and May being strong. Is it possible to get any sort of indication of how the growth rates have started during Q2? No. That's the short answer. Sorry. All right, I understand. Thank you very much. Those were all my questions. Okay. Welcome. Thank you. The next question comes from the line of Daniel Schmidt from Danske Bank. Yes, good morning, Hermann and Sandra. A couple of questions from me. Starting with Booztlet, which is showing tremendous growth in sort of outside the Nordics, and it's of course from very low levels. I think you mentioned something about the new distribution agreement or something that's going to improve unit economics. Could you say anything about this growth that you see outside the Nordics in terms of profitability? If you're not there, when will you be delivering profitable growth outside the Nordics in this channel? Well, growth should always be profitable and we make sure that we are that on each and every order on Booztlet but of course, we don't want to have more cost than we need to. If we can get better distribution agreements, we want to have that. It's looking good, but it can always look a little better. It does not- Was this a change to the distribution economics that you have done recently or been able to apply recently or was that at the start of Q1 or where are we in that unit economics? No, that's more forward-looking actually. It's an effect that will come for the second half of this year. Okay. Although it is from very low levels, clearly it seems to be working. Do you have any sort of analysis? Clearly you seem to be filling a gap in these markets, although Zalando has also an off-price offering. Can you say anything about competition and what makes you look good and be off to a very good start? Well, it is the Nordic assortment and we have the Nordic brands and we really cater for the Nordic kind of feeling. We've seen that is quite attractive to also people outside of the Nordics and especially in these countries that are quite close to us geographically as well. There's less competition in this type of thing or this part of the segment you can say. Yeah. Yeah. I think if I could add, Daniel, is that we seem to be the only ones having kind of a multi-category outlet. Most of our peers have been going for the flash sale model where you have campaigns on specific brands. We seem to be kind of touching on something that the consumer wants, where they want to browse within categories and brands. It's a good fit and then if combined with strong Nordic brands, that becomes quite attractive. Yeah. Okay. Interesting. Another question. If we see a normalization of sort of the world with less restriction and offline coming back and maybe a bit more even in terms of where sales are going in respective sales channel in the market, do you think that that in any way is going to affect your ability to make good campaign buys so to speak? The market is still, I think we've been saying that for the last 3 years, Daniel, is that the market is not in a balance because we have this huge offline/online migration which means that a lot of players have difficulties on a micro level to forecast demand. There will always be kind of excess stock and even though most of the brands said that they would cut down on the SS21 production, there is still a lot of stock in the market. We don't see any shortage on stock or ability to get campaign stock. I've been doing this for 11 years and they've been talking about being able to forecast demand in all these 11 years but they still can't do it. I think that we will still be able to get access to the stock. I hear you. I was just thinking that maybe sort of last year was unusually difficult to forecast. Yeah. Last year actually was a bit difficult for us to get hold of stock because we need stock to be packed in the right way, marked the right way with the right data. Now we actually can get access to the stock earlier than last year. Okay. We're quite well-stocked for the May- June period in this quarter where we actually were unstocked. Yeah. No, I hear you. Third topic, return rates of course which I think you mentioned also was lower in Q1 and that was of course what we saw as a trend during 2020. Where do you see that going now, if you also believe that women's share is going to go up? Are you expecting some sort of reversal in Q2? Is that more going to happen in the latter half of this year? In conjunction with that question, could you update us on our fair use policy reach? Have you widened the reach of that policy in the past quarter? Well, the return pattern we saw over the last year basically continues. It is this five percentage points lower than previously. Yes, we do see that people now are slowly getting into the more categories that have a little higher return rate but the fair use impact has of course had a major impact on our business and that's there to stay. I'm not sure exactly what you meant with the others in relation to the fair use. No, I think you updated us on the exact number actually. If I am not mistaken you said something about 9,000 consumers. Yeah. Okay. At the end of last year that was 13,000. Is that number higher now or is it sort of leveling out? It's around 17,000 now. It's still fairly low but. Is there any way that you can shed some light on sort of how much the fair usage policy implementation has impacted return rates or what is what basically in these five percentage points? No, the fair use policy has probably brought return down by some two to three percentage points. It's quite a significant amount. A few people have impacted returns enormously, and we actually give people the benefit of the doubt. These are extreme returners, but the effect is somewhere between 2 and 3 percentage points and probably closer to three. The rest is obviously category mix, and that's why it's good to see that women now is actually below 45% in the quarter. Of course, it will go up during the next months as they will buy into more dresses. We can see there's strong growth in kids, in home, in beauty. Men are maintaining the growth rate. We don't expect to go back to the return rates we saw before the pandemic. No. It makes sense. Are you seeing any sort of change in terms of like-for-like garments when it comes to return rates? If you look at womenswear, for instance, is there an equal amount of returns on each and every garment that you saw before the pandemic, or has that changed also? No, that is actually, it's the same. You might say that, of course, on dresses as the serial returners have been blocked. Of course, you see a kind of a decrease in that. In general, the majority doesn't buy with an intention to return. They buy because they want to like something, but if it doesn't fit or if they don't like it, and so that's why we still love returns. Of course, we hate excess returns and unnecessary returns, but we still want to make it easy to return, because otherwise people won't buy. Of course, we want to keep on reducing return rate, unnecessary return rates. Having said that, it often leads to a discussion regarding CO2 emissions and online is still the most CO2-efficient way to buy clothes by far. We are aware of it and we try to reduce it, but it still has to be easy to return. I hear you. Final question on this topic, and then I'm done. Everyone, of course, we've talked about the fair usage now, which is something that you have implemented and others, too. Are you doing anything else if you look at sort of the display of your website in terms of tools that the consumer can use to do themselves, get a better view of what size they need? Have you done any improvements or are you doing any improvements to that during this year compared to last year? You can say that if you go and buy on the site, we recommend your sizes. Of course, we try to use machine learning to do some kind of the old-fashioned collaborative filtering, where we try to find people that we believe match your size, and if you haven't bought in a category before, we would recommend it. That's the kind of the easiest way, but the issue is that brands are still not very consistent within their own sizing and a fit. If I like a tight fit, sometimes it's just too tight and then I'll return it. I think that's the case. Of course, we cannot. We try to assist, and we're constantly trying to improve the algorithm, and this is the holy grail in trying to make sure that people don't make obvious sizing mistakes. Then there's also, it's like the boring continuous work we always have to do in relation to getting the right data from the brands. That is, they're also changing a lot by trying to gather data in the right way so that we can pack that and display that to the customer in a good way. We work with pictures, and this is more of an everyday thing that we've always done, and we always will continue to do, probably. Yeah. Okay. That's all for me. Thank you. Oh, thanks, Daniel. Thank you. The next question comes from the line of Daniel Ovin from Nordea. Please go ahead. Your line is open. Yes. Hello, Hermann Haraldsson and Sandra. I had one question on the gross margin here. If I look at 2018 and 2019, it still looks like a pretty high gross margin. You mentioned here about 90 basis points something from risk-sharing agreements, would you say that the gross margin that you have now is on a normalized and sustainable level also going forward? I'm thinking that perhaps with very, very strong sales growth, that your markdowns were below normal. Maybe if you can comment on that. It's hard to say. We came into this year with a very strong inventory position, so that helped us quite a lot, of course. We don't have any old stock. We were almost sold out of stock before. Our inventory position allows for a good product margin. Of course, it's hard to say. That depends on how the other stock composition will look. That will change over time, of course. We're very happy with this gross margin, of course. Okay. One question also on the fulfillment cost ratio that was down quite significantly. Maybe can you break down how much was from kind of lower return rate, how much was from better capacity utilization from strong sales, and also perhaps if there was any efficiency gains in that number? Actually, it's a little bit of everything, and we actually prefer not to sort it out because we are still fine-tuning our operations and trying to get everything. What is return? How is it working with the return rate? What is the more price per hour we pay? We believe the level we are around 11% is looking at the more fuller picture, that's a good level and a level we want to stay. Yeah, I think that normally we say that kind of half is distribution, half is fulfillment. Fulfillment costs have come down, and we also have some saving in distribution. As Sandra says, it's a bit of everything. Okay. Also finally on the admin and other cost line. It was also down quite significantly. You mentioned here that you were recruiting personnel, et cetera, but what do you think about this going forward? Is there any also one-offs in this line in this quarter, or should we expect it to remain around those levels also going forward? Yeah, we will continue to get scale, of course, as we grow and continue to grow this strong. As I said, we will continue to invest in personnel in our headquarters because it's really important that we do. This is where you get the benefit when you reach the scale that we have now, that you will increase sales more than you increase staff. There's no one-offs in that sense. We're probably slightly behind the curve on staff because you can't keep up with growth like that, but I think we're on a good level. Yeah. Perfect. Okay, that's all my questions. Thank you very much. You're welcome. Thank you. The next question comes from the line of Magnus Jensen from SEB. Thank you very much. Good morning. Thank you for taking my questions. I have a couple as well. The first one goes to, the big question is, of course, how will consumers react at the other side of COVID? I guess one early indication could be how consumers have acted following stores open in Denmark early March. Have you seen any change in consumer behavior demand following stores open in Denmark that point of time? It's a good question, and it's actually hard to say because we've been continuing growing fast, also in Denmark, and if we compare with our expectations, we haven't actually seen any effect. Of course, we see some kind of a similar pattern as last year when we had the reopening. There's huge interest, people going out, but we don't really see the effect. I think, the department in Denmark, the last weekend, the department stores opened, and we saw a slight effect during the weekend. On the weekdays, we're back to a good growth. I think it's actually a bit too early to say what is happening. Again, we're quite firm that we believe that now that almost 15 months have passed, people have changed habits, and we think they will stick. The offering of online with this huge assortment at attractive prices, it's really hard to match. Even though some consumers might have missed the physical experience, once they go out and have low assortment, poor service, and maybe not even competitive prices, it's going to be difficult to match. [Also] you know that the whole demand for fashion was down around 20% in the Nordics for last year, and we do see people really want to get back there. We think that the demand will increase on a general basis after the site is opening up. Okay. Very clear. Thank you. Second question. During this pandemic, there's been a rush of customers coming onto your site. Is there any difference in these consumers compared to what you had before? I'm thinking particularly in terms of retention rate of this cohort of customers. Is that the same as you've seen before, or are they less loyal? Good question. Actually, they behave exactly the same as the old ones, which is quite fortunate. They look also very much like the old ones. I think the only difference is that it's slightly older skewed and more men. We monitor repurchase rate after 30 days, 60 days, 90 days, and they are very similar to the old cohort, so it hasn't changed, actually. That's also why we actually believe that this potential increase, for a large degree, it will stick. Okay. Thank you. Last question, not sure you want to answer it, but you talked a little bit about the other categories, home, kids, beauty, and sports. Can you say how much that is of revenue today? We don't really disclose it, but as I said, women is below 45% now in the quarter, and men is probably around 20%. It's getting up there, the other categories and of course, home is still below 5%. They're growing fast, especially kids and sports are growing very fast. Okay. Just to clarify, you say women are, let's say 45% and men are 20%, so that's 35%, which is kids, sports, home, and beauty, roughly speaking? Maybe a little less than that. Okay. That's fine. Thank you very much. That's all my questions. You're welcome. Thank you. The next question comes from the line of Michael Benedict from Berenberg Bank. Please go ahead. Your line is open. Morning, all. Thanks very much for taking my questions. First one, just on sort of the shift to becoming a true platform. Have you got any update on your intention to sign more consignment-like agreements in the near term? That's my first question. Yeah. Good morning, Michael. No, we are not pushing the consignment agenda. Again, when we were born, we had consignment brands, and it was really difficult to scale those brands, because they were very reluctant to commit to increased stock. As long as we're growing so fast, between 25%-30%, we like to be in control, and a big part of that is do the own buy. As we don't do the partner model with split fulfillment, we're not pushing the consignment agenda. Great. Very helpful. Thank you. My only other question was on whether there are any sort of one-off margin impacts we should be aware of in Q2, I guess a little like the risk-sharing shift in Q1. No, not really. As Sandra said, we came into the quarter with a strong inventory position, with a strong campaign buy position. There's no one-off in Q1 here, not really. Sorry, I meant in Q2. Sorry, in Q2. Okay. [Well, you know-] in the beginning of Q2 last year, when the pandemic hit very hard, the marketing cost or the cost for acquiring new customers were a little lower. Of course, that's normal back again. That will have an impact. Otherwise, we don't see anything specific. Brilliant. Thank you very much, guys. You're welcome. Thank you. Thank you. Just a reminder that if you would like to ask a question, please press 01 on your telephone keypad. We have no further questions, so I will pass back for any closing comments. Okay. Thank you for your time. We have nothing more. We hope you have a good day and look forward to talk to you over the next couple of weeks, I guess, and again in three months time. Thank you and have a good day.