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- XXL has simply not control

( on Tuesday afternoon sent sportsgiganten XXL out a profit warnings about the disappointing development in the 4. quarter, where the volume has been low in all markets, both in the period before and after the Black Friday promotions.

In addition, it has been known that president and ceo Ulf Bjerknes leave the XXL after just 11 months in the company.

the News has sent the stock straight down on the Oslo stock Exchange on Wednesday. It is at the moment down 37,65 percent to 24,10 money, and have at the lowest of the day been traded for 21,65 money.

This was in no way expected, says an analyst in Kepler Cheuvreux, Christian Olsen Nordby, to the

XXL simply do not control. They have sold goods at a loss, and individual outlets have had individual prices. They have no overview, " says the analyst.

Saturated market

Olsen Nordby had in common with many others, not seen for themselves the numbers as XXL, presented in yesterday's profit warnings.

- The most exciting question now is weather. XXL has always complained about the bad weather when it has been slow going. But now came the snow in november, and it has been what I would call "completely normal" weather for the season, points out the analyst faced with the

In addition, I thought not, it seemed that the XXL was slightly more aggressive on the marketing during Black Friday than its competitors, so I thought it was going to be an ordinary Q4, he says to

Olsen Nordby believes that all the biggest problem is that even though the stores have sold goods at favorable prices for the consumers, is displayed on the top line. He believes that it can almost seem like people don't need as much sports equipment.

- the market Can simply be a bit saturated?

- Yes, it can almost seem that way.

Neutralize priskrigen

What to expect you of XXL to come?

- Now we expect not much, and it is just up to them. I think they had a lot of good to neutralize the war against the Company (which has lost money for several years), and in addition help the not the krone, " Olsen Nordby.

Kepler Cheuvreux's last recommendation on the XXL was the purchase, with a price target of 50 million. Much to suggest that this is put sharply down.

- Right now we have no recommendation and the stock is with us "under review". So we just need to sit down and take a review.

We have previously added well below the consensus, and put in goes down the estimates for 2019 by 30 per cent, " says Olsen Nordby to the

the Underlying drivers

At SpareBank 1 Markets set the Tuesday a salgsanbefaling on the XXL, with a price target of 28 million. Also analyst Øyvind Mossige was surprised resultatvarselet.

- the Themes of, among other things, about the low volumes in the periods before and after the Black Friday promotions, low spreads on Black Friday, and the losses in Austria, was expected, but the effects have been greater than assumed, " says SpareBank 1 Markets-analyst to the

He believes that there is no doubt that the XXL has made a few wrong choices in Q4.

But there are also some underlying drivers here. Nettsatsingen obvious back with less traffic in the store and low margins, says Mossige.

Lowers inntektsforventningene

Danske Bank Markets, with analyst Martin Stenshall in the the tip, also have significantly lower expectations after the news from XXL.

After yesterday's notice we have lowered the inntektsforventningene significant. We are concerned about inflationary pressures in the market, continued changes in management, and the doubt around the achievement of the last announced long-term goals, write Stenshall in a recent update.

Meklerhuset has now downgraded its recommendation from buy to sell, and at the same time cut kursmålet from 55 to 24 million.

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