The second quarter and first half of the year saw generally excellent results from Finnish lifestyle brand Marimekko, with net sales rising by 8 per cent to € 43.7 million and € 81.3 million, respectively.
The uptick was attributed to rising wholesale sales in Finland and Scandinavia, rising retail sales in the brand’s native homeland, and rising overseas sales.
Finland’s net sales increased by 9 per cent for the first half of the year and by 11 per cent for the quarter. Due in large part to wholesale sales in the Asia-Pacific area, international sales also rose, rising 6 per cent in both of the periods shown.
The operating profit for the three months was € 6.1 million, which was 7 per cent less than the same time in the previous year. On the other hand, comparable operating profit increased to € 11.6 million, representing 14.2 per cent of net sales, during the half-period, an increase of 8 per cent.
Marimekko stated that a rise in net sales during the first half of the year countered the decline in the second quarter, which was caused by higher fixed expenses and weaker relative sales margins.
Net sales for 2024 are expected to increase from € 174.1 million in the previous year, but the corresponding operating profit margin is predicted to drop from 18.4 per cent to between 16 and 19 per cent.
The company cited developments in consumer confidence and purchasing power, particularly in Finland, as well as global supply chain disruptions and general inflation as factors that “cause volatility to the outlook”.
