You'd think that EBIT should be up in the seasonally high Black Friday/Christmas period.
So what happens next quarter, when the seasonality is gone, but marketing costs are still up?
That is just short-term thinking, but I suspect that's the cause of the drop - a 600% rise in SP demands high short-term performance.
I'm mostly paying attention to the Alexa US local-rank, to see how much it pulls back relative to the pre-COVID numbers. (I already noticed some pull-pack since August, but it's still elevated vs pre-COVID)
Ann: Investor Presentation - Half Year Report and Accounts, page-82
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