In Finland, net sales grew by 8 percent, while international sales increased by 6 percent. This international growth was driven by favorable wholesale sales developments in both the Asia-Pacific region and North America, along with a significant increase in licensing revenue, the company said in its interim report for the January period. -March FY24.
Marimekko reported a 7 percent increase in Q1 FY24 net sales to €37.7 million (~$40.9 million), driven by increased wholesale sales in Finland and notable growth international. Operating profit increased to €5.1 million from €3.8 million. The company expects FY24 net sales to exceed €174.1 million, with a projected operating profit margin of 16 to 19 percent.
Marimekko's operating profit for the first quarter of FY24 reached €5.1 million, up from €3.8 million in the same quarter last year. Comparable operating profit amounted to 5.2 million euros, equivalent to 13.8 percent of net sales, an improvement from 10.9 percent in the last year.
Looking ahead, Marimekko expects its net sales for fiscal 2024 to exceed the previous year's total of €174.1 million. The company anticipates a comparable operating profit margin of approximately 16 to 19 percent, compared to 18.4 percent in FY23.
“Marimekko had a strong and impressive start to FY24 in terms of communicating our brand. “This year we celebrate the 60th anniversary of Unikko printing, which supports our drive to continue our determined work to increase our profitable growth despite the weaker overall market situation,” he said. Tiina Alahuhta-Kasko, President and CEO.
Fiber2Fashion News Desk (DP)
