As suggested by our proprietary traffic model, we expect continuing declines in Footway site traffic in Q4. Market sales data implies a weak Christmas trading (STILindex Footwear is -7.4% y/y in December). We downgrade our Q4 revenue forecasts slightly, and to reflect the deteriorating consumer sentiment, we also take a more prudent view on growth in 2023 (to y/y growth of 2.5%). We set our revised mid-point value at SEK 6.50 (SEK 7.50).

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