Thank you. Good morning all, and welcome to our Q2 webcast. Let's just dive into it and start with the first slide, looking at the key highlights. As you know from our report, our growth in the quarter was 20.2%, and some 22%, if you look at local currency or currency adjusted, with an adjusted EBIT margin of 6.8% v ersus 2019, the growth is 64%, which we think is extremely strong. If you look at the year to date, we have grown [inaudible] percent, and if you look at currency, it's around 35%. We believe it's been a good first half year. Based on that, and also due to a promising start to the third quarter, we upgrade our guidance for the net revenue growth for the full year. Having said that, it's been a good start and we're quite satisfied. We still haven't seen the pent-up demand that we expected to materialize in the market. To be honest, we expected, or I expected that the Corona pandemic would be post-Corona in Q2, and that has not been the case. We can see from a lot of markets that fashion demand hasn't really picked up. We believe that the potential upside of the pent-up demand still is waiting out there. We're still seeing solid growth in the categories, especially home is very promising, and we have signed a lot of brands. Currently, I know we say 100 brands, but currently just below 200 brands live. Slightly restricted by our capacity restraints, but that is being fixed as we speak. Talking about the capacity restraints, we are accelerating our investments in our fulfillment center. We are slightly delayed on the next phase of our AutoStore, and this is mainly due to supply chain issues and being delayed. We are running very close, almost above our capacity, and this is why we expect to do some additional investment in our fulfillment and automation over the next six to nine months. Finally, Rosemunde. Basically, everything is in place. It's been executed successfully. They will be a part of our financial statement as of July 1st and contribute approximately 1% to our net revenue. If we go to the next page, just a small comment on the market. We have seen during the quarter that fashion buying in the Nordics has picked up, but still it looks like we are still not back on 2019 level. We are displaying the Swedish Stilindex, which is the Swedish fashion industry's or fashion retailers' reported revenue. We are seeing that even though it has picked up during the quarter, it's still below 2019, and for the full quarter, it was some 15% down versus last year. We just got, yesterday, the numbers for July even, and we are still below 2019. This is also why we are extremely satisfied that we saw our growth versus 2020, which was an extremely strong quarter for us, constantly was slowly increasing and in June, around 4% growth for the group as a whole, and July is growing even more. For us to see that on the back of a very strong quarter last year, we are keeping a very strong growth momentum. Of course, as the total market is down, it's very much affected by high competition. Clicks are not as cheap as they were last year. Basically, last year, it was almost a steal as everybody pulled out of the market in Q2. Marketing costs were very low, and now we're getting kind of back to normal. In general, we will see that the market is still somewhat depressed. Our revenues are quite promising. Again, this demonstrates that during June, July, we've seen a good growth that is continuing into August. If we go to the next slide, looking at the KPI highlights. This is always kind of the most important slide, looking at customer satisfaction, and that's still high. Trustpilot, we're still on a 5-star rating and a 4.6 rating. Our Net Promoter Score for Boozt.com is actually an all-time high of 77%. It's very high. Will probably come down in Q2 because this is unusually high. I think this basically demonstrates that we've been very strong in the quarter and living up to the customer expectations. That's promising for the future. We can also see that the new customers that we've gained during the pandemic, that customers have more or less been forced to buy online, they seem to stay online. That is very good. If you go to the next slide, look at that order development. We saw in the quarter that we have increased the number of orders. Average Order Value is slightly down for the quarter, but the most important thing is that it's unchanged for the first half. All is good. We are maintaining industry-leading Average Order Value. Order composition is slightly changed as we are selling more other category items, we're delivering slightly more orders per basket, that's okay as long as the categories that we're selling or adding to the basket have a lower return rate and we are keeping the basket size, which is where the profitability lies. For the full year, also on number of orders, we are up some 26%, which is very good for Boozt.com. If you go to the next slide on the cohort development. In Q2, for the last 12 months, we have had some 2.3 million customers who bought on average 2.3x, same as last year. If you look at the true frequency, it's down for the quarter compared to last year, that is not surprising as these are customers that bought COVID, we know that basically people have been buying less fashion. Of course, it's not surprising that our customers, they buy less. As long as we get new customers and they stick, that's okay for us. We expect that when we get post-COVID, that these numbers will go up again, and we're seeing already now that the true frequency numbers for the subsequent quarters are looking quite okay. If you go to the next slide on the fulfillment, I just would like to make some comments around our investments into the fulfillment operations. As you know, we took over the fulfillment staff in January 1st, and that's been, they particularly went quite successful for our people. This means that we are in full control of our fulfillment operations, and with the tight capacity, it's been, yeah, almost sent from heaven that we did this because the extra capacity cost that we have had from the strains have been absorbed by a much lower cost per hour for employees. That's all good. We have benefited from outsourcing quite well. We integrated the new warehouse next to [inaudible], and now are in process of building around that, putting investments into that, automation investments into that, and doing some CapEx to fit the new building. Also because we can see that the strong growth calls for an acceleration in our fulfillment operations. When we exited 2019 and did the guidance in Q1 2020, we were guiding some 15%-20% growth and looking now back and with the guidance that we're doing for 2020, the whole revenue is up by almost SEK 1 billion compared to what we expected almost 1.5 years ago. This is why now we are running very tight capacity and you might ask yourself, could we have foreseen this? My claim is that that would have been very difficult because that would have meant that we would have to make some very big investment decisions in February, March, April last year. I don't think anyone wanted to make a several hundred million kronor CapEx commitment in a very uncertain situation. I think this is what it is. It's a positive thing that we are growing much more than we expected, and I think that we've been extremely good at dealing with it. We are running close to full capacity. We are installing the, what we call the AutoStore phase V/VI, as we speak, are building it, and it was supposed to be ready by July 1st. We are slightly delayed, so we will be ready to deliver bins in mid-September. At the same time, we're actually looking into advancing into AutoStore seven already now. That might mean that we will push some investments forward to make sure that we are well ahead of our kind of fulfillment need because we think that there's still a lot of opportunities out there, and we would like to accommodate that we're able to deal with growth of more than 20% until 2025. We are preparing for this pent-up demand to materialize and not be taken by surprise if growth will stay above 20%. If we go to the next slide, and before I hand over to Sandra, I just would like to talk about our priorities for the short term, for our priorities for the immediate future. Our main and first and foremost priority is net revenue growth. We have seen over the past two years that size matters and we have huge economies of scale. We see that we don't doubt anymore if our industry or our business can and will be very profitable. That's basically improved. For us, it's a matter of growing as much as we can and gain market shares. That's why growth is our main priority. Secondly, we have to be on the forefront of fulfillment. We talked about last year that we were behind the curve on fulfillment. We are probably slightly more behind than we had expected, also due to the change in category mix, where we need more items to generate the revenue growth. It has a positive effect on the return rate, but basically it demands more storage and fulfillment capacity, and we want to make a foundation for a +20% growth over the next five years, or at least until 2025. Finally, profitability. We are the most profitable player in our industry in Northern Europe, and we intend to stay like that, but we are in no hurry to surpass our midterm goals. We have stated that we will deliver EBIT of between 5% and 7%. If the choice is between growing 10% and have a 7% EBIT or growing 25% or 30% and have a 5% EBIT, I think there's no doubt that we will go for the latter one. Growth is just extremely important in the market. It's revenue, it's investing in our infrastructure, and then profitability. The main thing is that we will still be able to fund our own growth. This is my last slide. Now I would like to hand over to Sandra for the next slide for the financial update. If we move on to the group results, it concludes the net revenue growth of 20.2% for the group in the second quarter. Growth in local currencies was 23%. For the first six months, net revenue growth was 31.1% and 35% in local currency. Just as in 2020, the return rates remained low during the second quarter. The return rate was around 1 percentage point lower during the second quarter this year compared to last year. For our biggest categories, the women's and men's, the growth rates increased throughout the quarter. We knew that we had hard comps to beat, and since the market sentiment in the Nordics still is relatively weak for fashion and apparel, we're very happy to see that the growth rates in June and also July picked up to a very strong level. The kids, sports, beauty, and of course, also the home category, delivered strong revenue growth throughout the quarter. In the second quarter, Sweden and Norway were the strongest growing countries. Year to date, Sweden, Norway, and Denmark are the strongest growing countries. The gross margin was 39.8% in the second quarter, 1.7 percentage points lower than last year, impacted negatively by the written-down inventory that we sold during the second quarter last year, as well as the level of campaign inventory that was relatively lower during 2021 compared to 2020. As we have talked about, last year was quite extraordinary, especially during the second quarter. The write-down in the first quarter provided inventory of favorable prices during the second quarter. The share of campaign stock was also higher than normal during 2020, as we were more or less sold out on the upfront buys of the spring/summer inventory after the very strong sales during April and first half of May. While planning for the spring/summer 2021, we wanted to make sure that we had enough inventory to capture growth opportunities. Hence, we made sure to build up a strong and opportunistic inventory position. We maintained a high level of attractive campaign stock, however, lower than last year. As we did expect society in the Nordics to be a little more open than what materialized during the second quarter this year, it is actually very satisfying to see that the sell-through of the spring/summer inventory at this point is on par with the super strong sell-through we had last year. We currently sit on a strong inventory position as well as a gross margin that for the first six months was 40% compared to 37.8% last year. If we exclude effects from the write-down, the gross margin for the first half of 2020 was 40.7%. However a full adjustment in the first half of 2020 is kind of overstating the gross margin as the inventory from this write-down also was sold during Q3. The price investments that we made during the second half of June this year, as well as in July, was a response to the relatively weak consumer sentiment and elevated promotional activity in the market. We also wanted to mitigate the space constraints that we experience in our BFC. This allows us to continuously deliver a strong selection of autumn/winter inventories that will enable us to deliver a strong growth also in the second half of 2021. As it has been a calculated risk to do opportunistic investments in inventory, both for the spring/summer, but also for the autumn/winter season, it was calculated for in our budgets to do the price investments we've made, and at this point, we do expect the gross margin to be on par with the 39%-40% for the full year as we have previously communicated. The adjusted EBIT margin was 6.8% in the quarter, a decrease of 4.6 percentage points. For the first six months, the adjusted EBIT margin was 6.5%, an improvement of 2.5 percentage points compared to last year. However, if excluding effects from the extraordinary stock write-down and our first revaluation of a lease contract last year, the adjusted EBIT margin was 0.7 percentage points lower than last year. The decrease compared to last year is related to the extraordinary situation in 2020. In addition to the gross margin impact, we have done additional investments in resources to accommodate the current high and future growth, resulting in an increased cost base and I will come back to this shortly when we look at the cost ratio. If we move to the next page, we can see that the revenue growth for Boozt.com was 18.8% in the second quarter. Negative impact from currencies was around 3 percentage points. Growth had a positive trajectory towards the end of the quarter, which also has continued into July and beginning of August. Growth in June was close to 40% for the Boozt.com segment. New customer intake continued at a high pace. The home category had a positive impact and continued to exceed expectations. True frequency was impacted by the lower spending in the markets in general, also among our existing customers. The 2020 cohort continues to behave as previous cohorts, so it is the overall lower spending that is impacting frequency of buying. Average Order Value decreased with 2.1% to SEK 803. Change in sales mix towards kids, sports and home at the expense of occasional categories affected the growth Average Order Value negatively, but was partly compensated by the lower return rate in these categories, as well as a higher number of items per order. For the first six months, the Average Order Value was marginally higher than last year. If we move to the next page, we see that Booztlet grew 32% in the quarter and 35% in local currencies. The second quarter of 2021 was heavily impacted by tougher comparison numbers, which especially impacted Booztlet that got access to low value stock after we had performed extraordinary write-downs in March 2020. Growth rates picked up during the quarter and was around 60% in June, with a positive trajectory also into the third quarter. Growth in Q2 2021 versus Q2 2019 is 233%. Growth in the Nordics was 24%, mainly driven by Sweden and Denmark, while the rest of Europe grew 131%. As we have talked about earlier, our ambition is for Booztlet to invest further into markets outside of the Nordics. We have yet to put more effort into this. Booztlet is run by a small and very efficient team, and with the high growth we've experienced over the last couple of years, we now expanded the team to enable such a focus, where we expect the growth rates outside of the Nordics to increase going forward. Average Order Value was SEK 669, a decrease of 2.6% compared to last year, when consumers put more items in each basket, as the offering was very strong. Year to date, the Average Order Value is slightly higher than last year, a level that we're very satisfied with as it enables market leading unit economics and profitability. The adjusted EBIT margin was 7.5%, both in the quarter and for the first six months. If we move on to the next page, we see the development in the cost ratios for the second quarter. The fulfillment cost ratio was 11.4%, which is an increase of 0.1 percentage points in the quarter. That we are currently running our operations on close to full capacity in relation to storage has impacted the cost ratio negatively in the quarter. This was, as Hermann said, however, fully compensated for by the lower realized cost per hour for personnel working in the fulfillment center, slightly lower return rates, as well as a slightly lower distribution cost, which impacted the fulfillment cost ratio positively in the quarter. The lower cost per hour for personnel is an effect from the insourcing in January 2021. Our personnel in the BFC previously worked for a third-party provider whom we paid a markup on the actual hourly wage. We're not paying the workers a lower wage, it is just a markup. For the full year, fulfillment cost decreased with 0.8 percentage points to 11.3%. The improvement is mainly related to the relatively lower distribution costs, while fulfillment costs were on par with last year. Given the implications from capacity restraints, there still is an improvement potential in the fulfillment cost ratio, looking at the longer term. We, however, believe that the focus we have on continued high growth will impact this cost ratio with a few margin points up and down as we scale our operation. Fulfillment cost around 11% is a level that we're happy with at this time, and that's also aligned with what we previously communicated. The marketing cost ratio was 9.6% for the second quarter and 10% for the first six months. As marketing costs were relatively lower temporarily during the second quarter last year, we made relatively higher investments in marketing during the second quarter of 2021. The marketing cost development, both for the quarter and for the first six months, is in line with our expectations that we previously communicated, where we want to maintain a marketing investment around 10% to support continuous strong growth. The adjusted admin and other cost ratio increased with 1.2 percentage points in the quarter to 9.5%. Of this increase, 0.3 percentage points is related to investments in new employees as we're building our organization to support further growth. In addition, and as mentioned before, we have invested more in business development related activities to support the customer experience. This has a negative impact on the admin and other cost ratio in the quarter. For the first six months, the adjusted admin and other cost ratio was 9.4%, which is a decrease of 0.2 percentage points. The investments in personnel during the first six months impacted the cost ratio negatively with 0.7 percentage points. However, as well as other business development-related investments, was fully compensated for by the scale effects on the net revenue growth for the first six months. The adjusted depreciation cost ratio increased with 0.2 percentage points to 2.6% in the quarter, but decreased from 3.2% - 2.9% for the first six months. As we will invest to secure more capacity in our fulfillment center, we do expect this ratio to increase in the second half of 2021 and coming into 2022. At the current growth rates, we believe that it is desirable for this ratio to be around 3.5 percentage points on a full year basis. If we move on to the next page, we see that the net working capital increased from the very low 2.3% last year to 7.5% of last 12 months net revenue. In the second quarter of 2019, the corresponding ratio was 11.2%. The increase compared to last year is strongly impacted by the situation where we were almost sold out of spring/summer inventory in June last year, and where campaign inventory constituted a relatively higher share of the revenue to compensate for the low inventory level. We believe that the current level is a healthy one, given our focus to hold a strong and attractive selection of inventory for our customers. Moving on to CapEx, that totaled SEK 65.1 million in the quarter, where SEK 17.4 million is related to intangible development costs. The level of intangible development CapEx was on par with the first quarter, both in absolute numbers and relative term. Investments in warehouse automation of SEK 47.7 million is related to the continued expansion of AutoStore. As Hermann mentioned, we are currently installing the build-out of AutoStore that we call phase V/VI, that is expected to be operational at the end of the third quarter. To accommodate the past 15 months higher than expected growth rates, as well as the strategic investment to build a foundation for a +20% growth for the coming years, we are currently planning to push forward additional investments in AutoStore of approximately SEK 200 million in 2021. From an operational point of view, it is securing capacity for 2022 and 2023. To secure availability, we need to, from a financial point, commit an upfront payment that is significantly higher than with previous AutoStore build-out phases. Even if this build-out would be operational in 2022, CapEx will be affected already in 2021. As a consequence, CapEx could exceed SEK 500 million this year, but should be reduced in the next years correspondingly. Looking at the period of 2020 to 2022, the average CapEx is expected around 5%-6%, which is in line with the average CapEx for the period of 2017 to 2019. As long as we're successful in growing the business with a +20% a year, CapEx will likely be somewhere around 5% of net revenue on average. BFC and CapEx is in 2021 and 2022 to some extent impacted by higher prices on raw material. From a P&L perspective, meaning depreciation, this price increase is marginal as the operational efficiency from the warehouse automation is very high. The operational cash flow from the second quarter was SEK 111.2 million. That is to be compared to SEK 493.8 million last year, highly impacted by the changes in net working capital. 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. Yeah, if we go to the next slide, which is our outlook, we just want to highlight that we have upgraded our outlook. At the same time, it is also now including the impact from Rosemunde. Now we expect to deliver a net revenue growth of between 27.5% and 30.5%. At the same time as we stick to our adjusted EBIT margin guidance of 5.5%. Our medium-term financial ambitions are still the same to outgrow the Nordic online market significantly and stay in the EBIT range of 5%-7%. Focus is growth, at the same time maintaining industry-leading profitability. That was my last slide. I think I can hand over to Mark for the Q&A. Thank you. If you wish to ask a question, please dial zero one on your telephone keypad now to join the queue. Once your name has been announced, you can ask your question. If you find it's answered before it's your turn to speak, you can dial zero two to cancel. We have a few questions already lined up. The first is from the line of Johan Brown of ABG. Please go ahead, your line is open. Thank you. Good morning. A couple of questions from me, and I'll take them one by one. Firstly, thanks for the June growth numbers, very helpful. Would it be possible to put the comparables in June in the perspective of how they look compared to your Q3 comparables? Good morning. I'm not sure I understand the question, Johan. Can you? Yeah. I'm Icelandic, but that's maybe. Can you rephrase it maybe? Yeah. How much sort of the growth rates in June 2020 were versus the Q3 growth rates, if that's possible to give any color on? I think June and July last year, they had the same question. Well, that's probably almost the same growth rates like that. Yeah, I think that June and July last year, they grew almost the same. I believe something like that. Yeah. All right. Thank you very much. Secondly, and my last question as well, regarding customer acquisition costs, which are naturally up as you're mentioning, but how aggressive would you say your competitors are in this regard now as the market is opening up? Our competitors are very aggressive. That's a totally different ballgame compared to last year. That's also why we are extremely happy to see that we have a very high resilience, even though that we now have two German competitors trying to take the market and spending much more than it's done before. We are maintaining momentum in the Nordics. We are keeping the basket size, keeping profitability. Our click ratio is actually increasing during the quarter. Our internal investment is the same as before. We actually kind of were seeing a very aggressive behavior from the market and by standing extremely strong and actually growing momentum in that pace. Yes, it's not a steal anymore to buy clicks, but returns on investments are still very high. We are pleased that our moats have basically stood the test during this aggressive invasion you are seeing. Wonderful. Thank you very much. Thank you. Our next question comes from the line of Niklas Ekman of Carnegie. Please go ahead. Your line is open. Thank you. Just a couple of questions from me as well. I'll start kind of in the same area there with the current trading statement. You talk about June sales growing 40% for Boozt, 60% for Booztlet, and it looked like July was seeing the same kind of pattern. On a group level, is it right to assume that kind of the start of Q3, you're seeing growth rates in excess of 40%? Am I missing something? Are we looking at easier, tougher comps kind of in the latter half of Q3? Good morning, Niklas. No, you're right. Q3 has started very strongly, and we're seeing the growth rates that you are talking about. This was why we're quite confident in our revenue upgrades. There's still some unknowns. We had a quite good start, and I wouldn't say it's surprising, but it's probably slightly better than we expected the start of the quarter. Very good. Thanks. In light of that, you talk about an upgraded target, but of course, Rosemunde added more than 1% to sales. I think even for this year, we're looking at an earnings impact of close to 5% from Rosemunde. Yet you only raise your sales guidance by 2.5% and your margin guidance is unchanged. It's not a significant upgrade or am I missing something? I think you calculated the numbers wrongly, actually. Rosemunde will probably contribute with around 1 percentage points on the sales this year, and that's it. I think Rosemunde is a high-margin business, unless I'm mistaken. Yes, but it's very small in comparison. Okay. We only get half revenue or a half year. That's true. Yeah. Take into account that when we did our guidance in the beginning of the year, it was assuming constant currencies. We have some headwinds of a bit more than 3%. This is assuming unchanged currencies. We think it's actually quite a confident upgrade. Very good. Thanks. As you said, the markets during the same period have been a bit more challenging than you had anticipated. Yeah, it looks quite solid. I just wanted to get the numbers straight. Yeah. Thanks. Yeah. Another question is, can you elaborate a little bit more on your private label strategy? I believe you are about to launch new private label brands alongside Rosemunde. Can you confirm this and maybe tell us some more about your thoughts here on private label? Yeah. Basically, we have not much new compared to what we said before. In other words, Rosemunde we think is a very good company, and we can get some learnings and start to dip our toes. It's no way a kind of a strategy shift with introducing a lot of private labels. We can see that there might be some opportunities. It could be within the Booztlet business to add some missing categories and also kind of do the same for Boozt.com. The business of Rosemunde, or the brand of private label, will still be below 5%. It's not a game changer, but it's just to give us some insight into the supply chain and see if there are opportunities. There's not a big shift in our private label strategy, and again, we're just dipping our toes and doing some tests. Okay. Very good. Can you tell us a little bit your thoughts on further M&A? You still have a strong war chest in case you want to make acquisitions. Are you looking at companies similar to Rosemunde? Are you looking at kind of smaller Nordic premium branded products? What is your main focus in terms of potential future M&A? Yeah, the focus is still the same. If we can strengthen our categories or if we can strengthen our foothold in the Nordics, we will do that. Of course, now it's been summertime, so not much has changed during the last two months. We are opportunistic. We believe that post-corona will provide some opportunities for us, and so we have an open mind, but we're very disciplined. It will not be outside the Nordics, and we will still be very cautious, and we will not see anything near what we want to actually see in size for our side. It's opportunistic, and again, we believe that the next 12 months will be, I wouldn't say transformative for the industry, but there will be a lot of changes, and I think that it's good to have horses in a market that has changed as it is now. Very good. Thank you. Thank you so much for taking my question. Very welcome. Thank you. Our next question comes from the line of Daniel Hermansen of Nordea. Please go ahead your line is open. Good morning, Harald and Sandra, and thank you for taking my questions. First question I have on the gross margin. I noticed that even if last year was a tough comp, the gross margin this year was actually also below 2019 and 2018 levels. I just wonder if you could elaborate a little bit around this. Is this kind of market gross margin moving down? Do you also expect this, in that case, to continue going forward? That's the first question. Thank you. Well, as we talked about, it's been a very competitive market, so it's been quite intense. This is something that we also expected when the society would slowly open up because there are offline players sitting on the inventory that they haven't sold, and the online competition is very fierce. It's high competition that constitutes that. We stick to our full-year estimates of 39%-40%, and we believe that we have the tools to do that, and we can operate at that margin. We believe that that's a good level to be at. Of course, you have to follow the market. Okay. Just going forward, if you think over the next two to three years, do you think that the overall gross margin would be pressured downwards, or you think that it's going to stay roughly around these levels? In our estimates, we stick to this level that we believe that that level is the one that will be for the next coming years. Of course, no one knows what happens in the future, but that's what we build our cases on, and that's what we believe. If I may add to that is that, let's say that there would be a pressure on gross margin. There is confusion. That would only accelerate the online penetration because we are probably the only ones that can be highly profitable on gross margins below 4%. We're not expecting it, but we're extremely well prepared for it. Okay, great. A question on the fulfillment cost ratio here. There seems to be a few different drivers here. You are talking about tight capacity having a negative impact, but then still return rates still lower than normal. Also now we start to see AOV coming down. I am just thinking, can you talk a little bit about the Q3 and Q4 second half here? How do you think these drivers will develop? Perhaps also some comments around the overall fulfillment cost ratio for the second half of the year. That would be great. Thank you. Yeah, sure. If we start with the Average Order Value, we believe that it is stable. If you do compare it to last year's quarter with all that, the stock we had at the prices, of course, people put more items in each basket. That decrease in the quarter is not something that we foresee as a trend. Also, if you look at the six months ratio, it's actually above last year. We believe that Average Order Value is stable and looking at Boozt, that's also relatively high for being in the segment that they are. We believe that the Average Order Value will stay at the level that it is. Looking at the fulfillment cost ratio, there are a few drivers, as you said. We had lower prices since we did the insourcing, we play a lower cost per hour. Of course, working in the environment we do right now where we're very tight on the capacity, we need to spend more hours to make sure that we have our inventory organized efficiently and you need to put things and move them around the warehouse. That adds short-term cost, but it is a short-term thing, and we believe that will go a little up and down as we scale, and that's also why we're investing in CapEx to make sure that we have good capacity. Their return rates, they're marginally lower. That, of course, affects the return handling cost, but it's not that much. The impact this quarter is not that much in absolute terms. Okay, great. Just the last question, if I can follow up on this Rosemunde acquisition and the impact on your financial metrics. If I remember correctly, the EBIT margin was over 20% and perhaps even above 25%. If I would calculate that still on a second half basis versus second half last year, there would be some positive EBIT margin impact. Perhaps also you have here acquisition cost or integration cost, or is there anything of that results in no positive margin impact? Do you basically expect, going forward also, to be no positive impact on the margin? Just a question to clarify that. Thank you. The acquisition costs are not very significant. That is not expected to have a huge impact. We do expect them to keep their level of profitability. If you look at the sales they had and their financial results, the sales to us were a part of that. That you need to eliminate. Otherwise, we expect them to continue on as that Of course, the prosperity adds slightly to our own, to everybody's. It's not a huge number, and so it's not very significant. No. Okay, perfect. That's all my questions. Thank you very much. Thank you. Our next question comes from the line of Daniel Schmidt of Danske Bank. Please go ahead your line is open. Yes. Good morning, Hermann and Sandra. A couple of questions. When you talk about capacity constraints, it sounds like when you read the text and listening to you, that it will be an issue in the second half, but it will be a diminishing issue as we go through and you add the capacity in September and also in February next year. At the same time, you're writing that you're now prioritizing top line for the rest of 2021. Should we believe that the capacity issue that you've had during the past quarter will be even a higher issue or bigger issue, given your focus on driving top line until you get these investments in place? Good morning, Daniel. Morning. I think the short answer is that kind of slightly no. I think that we have been seeing the top of the capacity issues going out of the second quarter. The way the capacity restraints materialize is that you'd end up throwing man-hours at the problem instead of using robots, and that, of course, has some added costs. We are more in deliveries as a percentage of our autumn-winter buy than at the same time last year. That is in place. I think that we've tried it before, five years ago, had the same issues where we are at basic stretching it. We know how to deal with it. I think that our sales growth, of course, is affected by what we have bought. That's the main driver. First thing is, where the capacity issues materialize the most is your ability to get them in deliveries at the cost of getting them in delivery. Sandra talked about that in her part, that where you end up pushing stuff around to make room for it. Now that our in delivery situation is very good and we're still selling a lot, so we're making room for new stuff. We don't expect the issues to get worse, and they will slightly improve during the quarter and as of mid-September, of course, when we will start adding bins and ultimately phase 5-6 is, I think it's between 10 and 20,000 bins. That is adding 4% to the current automation capacity. Meaning that we will be well in place before the very important Q4, the Black Friday. I hope it's not the same as last year, but I'm less concerned than I was in June. Okay. It sounds like you took a lot of those costs in delivering, being a big part of it in the latter part of June then, or in the second half of Q2 at least, if I got you right. Yeah. Just listening on your wording when it came to the medium-term outlook in 2022 and 2023, you have this target of 5%-7% margin, of course. At the same time recognizing what you're saying in terms of fulfillment staying around 11%, and the gross margin being around 39%-40%. Depreciation is going up on the back of investments that you're doing, and you said that you would rather take a 5% margin and grow 25% than take a 7% margin and grow at 10%. Are you feeling a little bit that keeping this margin above 5.5% that you guided for this year is going to get a bit more difficult going into 2022 and 2023, if you want to keep the growth rate? No. It's not difficult, but for us, we can just see the advantage of growth, and we just want to grow, and we would rather stay around 5% and then grow in most other markets than trying to get to 5.5% or 6%. We can see long term, I think that benefits the company and ultimately the shareholders. Last year was an extremely good year, and in some ways, I almost regret that we delivered this strong result because you get tempted to deliver profitability too soon. We are still kind of guiding the high profitability of all players in the market, and we just hate missing out on opportunities because of short-term profit needs. We will stick to the 5%-7%, and if growth opportunities are less, then we're probably closer to the 7%. If growth is more than we expect, then it's probably closer to 5%. Because we know we are so religious about our acquisition cost strategy of how much do you want to pay for a new customer, and as long as we can get the payback within the period that we've defined, we will continue to do that. Then, of course, as Sandra mentioned, we just shouldn't forget that we are moving physical products, so we need to invest in the infrastructure around that. I think kind of a part of the reason why we are having more costs due to the capacity is that the customer shouldn't feel any difference in the customer experience just because we have difficulties in getting stuff into the warehouse. I would rather spend some more hours on fulfillment and making sure that the customer gets the order in time than relaxing on the customer promise just to meet some short-term profitability measures. This is kind of the trade-off, because fundamentally, as long as the customer is satisfied, we're growing, and we have the basket size. The rest is just short-term issues that you need to fix. Yeah. It sounds reasonable. Just on sort of demand and return rates and markdown activity and so on, one of your larger competitors was out the other day basically saying that they saw a normalization of demand, they saw a normalization of return rates, and they saw higher markdown activity than pre- I think we lost Daniel. Yeah. It seems Daniel has disconnected. I will move to the next question. That's from the line of Magnus Jensen of SEB. Please go ahead. You're online. It's open. Thank you, and good morning. Just a couple of questions from my side. First, you mentioned that there's a different growth in Denmark and Sweden. Sweden doing better than Denmark. Could you talk a little bit about the different dynamics you see in the two geographies? Denmark is very strong. I think if you just compare the quarter-to-quarter, Denmark was extremely strong last year, and that was because it was much more closed down than Sweden was. Denmark is doing very well, and if you look at the year to date numbers, Denmark is very strong. It's more that Sweden actually picked up and became stronger and stronger, and basically all markets was good, but Norway as well. It's more Sweden picking up than Denmark picking down. Okay. Thank you. My next question is to Booztlet. You have a pretty impressive growth outside of the Nordics. Of course, on a low base, but still 130% up. Which markets are you being successful with Booztlet, and are you doing something different? Are you gearing up your marketing efforts outside the Nordics? Yeah, we are. It's mainly Germany that is providing the growth outside the Nordics for Booztlet. The main marketing strategy is still using search marketing clicks, so meaning Google in German. We haven't ventured into any offline media activities. We are doing some offline in Denmark, which still is growing quite a lot for Booztlet, and we've just only started outside the Nordics. We expect outside Nordics to even increase more in the coming quarters. We just started outside the Nordics, but it's been a promising start. For now, it's mainly been driven by Germany, but we're seeing other markets also pick up. Okay. Thank you. To the Net Promoter Score of 77%, quite impressive, but do you have any sense of where your competitors are in general on this measure? They don't disclose their NPS score, we don't know. We know that from kind of benchmarks, we have this site called netpromoterscore.com, that this is world-class, it's on the high end. I think please don't expect that high number kind of going forward because normally if we're in the kind of around 70, that's still world-class. That's kind of our target, 68, 72. We don't know competition. I think they're doing good, we have good competitors, in general, I think that the market leaders in the market are kind of forcing the penetration because we are just providing such a good customer experience to previous offliners that are going online and staying online. Okay, thanks. Just a final clarification question. Did you say that CapEx would stay above 5% of revenue as long as you grow with more than 20%? It's around 5%. So around 5% CapEx if revenue growth above 20%? Yep. That's what we believe is. Okay. Thank you very much. That's all my questions. Thank you very much. Thank you. We have Daniel Schmidt of Danske Bank on the line. Please go ahead. Your line is open. Sorry, guys. Hope you hear me now. Something happened. Yeah, no problem. I think I asked the entire question. I don't know what you missed or not. Basically, Zalando was saying that a lot of these things. It sounds like you are beating them quite a lot in the Nordics or maybe there is a big difference in geographies here because they are, of course, a pan-European player. Do you have any explanation to their comments versus what you see? Yeah. We are seeing a few return rates, they're still low as for us, and that's large part to do with the category mix. Now that we've gone into our growth is almost driven by the new categories. Our online department store strategy looks to be quite well timed for us because it's driven by home, kids, sport, b eauty, women are still not buying occasion wear, so that is kind of also keeping return rates down. Quite the fact we don't expect to go back to previous return rates of above 40% due to the category mix. Yeah. The demand is still holding back. Now, you see from the Stilindex, still below 2019. Denmark, I don't think that the market in Denmark has entirely picked up, even though Denmark probably is the 1 the market has picked up the fastest. Overall demand is still lower than 2019, we believe, meaning that the penetration that online has gained during these last 18 months seems to stay. Yeah. I was just wondering, given that you were quite upbeat on June and July, and they were a bit downbeat on the sort of trajectory for their business, are you doing anything different? Is there any sort of particular segments that you're seeing very good growth in which you are standing out or? I think it's more of a geographic thing, that the Nordics might differ from DACH. I think maybe we're more kind of advanced out of the pandemic than the DACH region is. Yeah. I think that part, it's difficult to speculate because we know what's happening here. In general, I think that the Nordic countries are coming quite strongly out of the pandemic. It's also a question of comps. Being a smaller company, we probably reacted a bit faster than they did in Q2 last year. When we had a big part of the COVID effect in Q2 last year, for them, it was maybe going out of Q2. Yeah, sure. into Q3. I think that's kind of the main thing. Yeah, sure. The comments on markdowns being a lot more intense, you don't feel that that relates to the Nordics or to your business or what you're seeing or any comments on that? Markdowns, in our case, on a similar level as last year, where we talked about gross margin was higher due to the written-down goods and campaign goods. Markdown is more or less at the same level as last year, meaning that the competition is still high. There's still kind of retailers sitting on inventory that they need to clear. In that respect, don't expect gross margins to skyrocket in the coming months because that won't happen. Okay. Thank you, guys. Sorry for the disruption. No problem. Thank you. Once again, if there are any further questions, please dial zero one on your telephone keypads now. Okay, that seems to be the final question. I'll hand back to our speakers for the closing comments. Okay, thank you for your time. This concludes our call, and looking forward to talking to you guys on the next date, I guess. Again, have a conference call in three months time. Thank you very much, and have a good day.