The company's omnichannel retail sales saw an overall increase of 3 percent, with contributions from nearly all areas of the market. Wholesale sales saw notable growth in the Asia-Pacific region, North America and Scandinavia, which accumulated to a 6 percent increase in global wholesale sales. Additionally, licensing revenue saw an 8 percent increase from the previous year's record levels, Marimekko said in a news release.
Marimekko reported a 5 percent increase in FY23 net sales to €174.1 million, driven by international wholesale and Finnish retail sales. Operating profit increased to €31.4 million with earnings per share of €0.58. Q4FY23 sales grew 5 percent to €50.6 million, with an operating profit of €8.1 million. International sales and licensing revenue saw significant growth in the fourth quarter.
In Finland, net sales reached €98.9 million, slightly up from €98.2 million, despite the difficult macroeconomic environment, where retail sales grew by 3 percent. The Asia-Pacific region stood out with a 17 percent increase in net sales to €35.4 million, supported by a 15 percent increase in wholesale sales and a 5 percent increase in Japan, along with 2 percent growth in retail sales in the region.
For FY23, Marimekko posted an operating profit of 31.4 million euros, compared to 30.2 million euros in the previous year, maintaining a stable operating profit margin of 18 percent, slightly below 18 .2 percent, while the comparable operating profit margin improved to 18.4. percent.
The net result for the period was 23.6 million euros, with an earnings per share of 0.58 euros, which represents an improvement compared to the 22.7 million euros and 0.56 euros, respectively, for the year former.
The fourth quarter of fiscal year 2023 (Q4 FY23) also reflected positive momentum, with net sales increasing 5 percent to €50.6 million, driven by growth in international sales and Finnish retail sales. International sales grew by 10 percent, supported by favorable developments in wholesale sales in the Asia-Pacific and North America region, as well as growth in licensing revenues. Operating profit for the quarter improved to €8.1 million from €6.8 million, with comparable operating profit of €8.3 million, leading to a comparable operating profit margin of 16.4 percent .
“Marimekko's net sales continued to grow and our operating profit improved. International sales grew clearly. “Our determined work to increase our profitable growth will continue in 2024 despite the weaker overall market situation,” he said. Tiina Alahuhta-Kasko, President and CEO.
Fiber2Fashion News Desk (DP)
