Finnish apparel and textile company Marimekko Corporation has reported a strong performance in the first half of fiscal year 2024 (H1 FY24), with net sales growing by 8% to €81.3 million (approximately $89.31 million), compared to €75.6 million in the same period last year. This growth was driven by increased wholesale and retail sales in Finland, as well as a strong boost in international sales. In Finland, net sales increased by 9%, while international sales saw an increase of 6%, largely due to strong wholesale sales performance in the Asia-Pacific region.
Marimekko Corporation reported an 8% increase in net sales for the first half of fiscal year 2024, reaching €81.3 million (approximately $89.31 million), driven by strong wholesale and retail sales in Finland and international markets. Operating profit improved to €11.2 million. In the second quarter of fiscal year 2024, sales increased by 8% to €43.7 million, although operating profit decreased slightly to €6.1 million.
Marimekko's operating profit in the first half of fiscal year 2024 improved to EUR 11.2 million from EUR 10.4 million in the previous year. The company's comparable operating profit also increased to EUR 11.6 million, which is equivalent to 14.2 percent of net sales, slightly above the 14.0 percent recorded in the first half of fiscal year 2023, the company said in a press release.
In the second quarter of fiscal year 2024 (Q2 FY24), Marimekko continued its positive momentum, with net sales up 8 percent to €43.7 million, compared to €40.3 million in the corresponding quarter of the previous year. This growth was driven particularly by the expansion of wholesale sales in Finland and Scandinavia, coupled with increased retail sales in Finland. Net sales in Finland grew by 11 percent, while retail sales in the country increased by 5 percent. International sales also increased by 6 percent, supported by strong wholesale sales in Scandinavia and retail sales growth in all market areas.
Despite the increase in sales, Marimekko's operating profit in the second quarter of fiscal year 2024 was €6.1 million, compared to €6.6 million in the same period of the previous year. Comparable operating profit for the quarter amounted to €6.4 million, slightly below the strong comparison period, and corresponds to 14.6 percent of net sales, compared to 16.8 percent in the second quarter of fiscal year 2023.
“Marimekko’s net sales and operating profit grew during the first six months of the year. Impressive events and collaborations with brands around the world increase our brand awareness and support our international growth strategy. The store network in Asia also developed further during the second quarter,” he said. Tiina Alahuhta-Kasko, President and CEO.
Fibre2Fashion (DP) Press Desk
