We expect XXL to report Q3/22 EBITDA of NOK 215m, 17% above the latest Factset consensus of NOK 184m. We estimate a gross margin of 38.0%, 0.9pp below the same quarter last year, explained by continued high inflationary pressure. We estimate negative LFL sales growth of -11.3%, driven by soft demand for sporting goods as consumers discretionary spending continued to decline through the quarter. We maintain our Hold with a TP of NOK 4. ecommendation from Hold to Buy.
