Marimekko Q2 sales rise as Finnish market booms
Marimekko has reported its Q2 results with the Finnish company saying net sales grew and its results improved during the quarter.
Net sales rose 16% to €38 million, boosted by sharply increased retail sales in its domestic market, although they also rose more modestly internationally.
Net sales in Finland rose by 25% while international sales were up by ‘only’ 5%. However, the rate of growth of international sales was negatively impacted by a different kind of weighting of wholesale deliveries compared to the previous year. For the full year, it expects international net sales to grow “clearly”.
Operating profit improved to €5.7 million from €4.9 million. Comparable operating profit grew 17% and represented 15% of net sales.
For the first half as a whole — the six months to the end of June — net sales grew 20% to €74 million with a 26% rise in Finland and 13% international increase.
Operating profit rose to €12.3 million from €10.5 million.
The company has been launching collaborations with brands such as Ikea and Mansur Gavriel, as well as opening new stores. In Q2, two new Marimekko stores were opened in China and Hong Kong.
CEO Tiina Alahuhta-Kasko said: “During the period under review, we continued to invest in the building blocks for long-term international growth, which was reflected in higher marketing and personnel expenses, for example. In addition to our investments in growth, our costs in 2022 are being increased by the general rise in material and logistics costs as well as various global supply chain disruptions.
“Uncertainties in the operating environment and global economy, general cost inflation and rising interest rates may have negative impact on consumer purchasing power and behaviour in some of our markets during the rest of the year. We are taking an active approach to reduce the negative impacts of supply chain disruptions and increased costs in various ways.
“We believe that the globally increasing interest in our brand, collections that appeal to an increasingly broad customer base and our continuously improving omnichannel customer experience, including various inspiring events online and at our stores, put us in an excellent position to increase our sales even in a more challenging market situation.”
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