Finnish firm Marimekko's sales surge 8% in H1 FY24

Marimekko Corporation, a Finnish clothing and textiles company, has reported a solid performance in the first half of fiscal 2024 (H1 FY24), with net sales growing by 8 per cent to €81.3 million (approximately $89.31 million), up from €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 rose by 9 per cent, while international sales saw a 6 per cent increase, largely due to the strong performance of wholesale sales in the Asia-Pacific region.

Marimekko's operating profit for H1 FY24 improved to €11.2 million, up from €10.4 million in the previous year. The company's comparable operating profit also saw an increase, reaching €11.6 million, which equates to 14.2 per cent of net sales, slightly higher than the 14.0 per cent recorded in H1 FY23, the company said in a press release.

In the second quarter of fiscal 2024 (Q2 FY24), Marimekko continued its positive momentum, with net sales increasing by 8 per cent to €43.7 million, up from €40.3 million in the corresponding quarter of the previous year. This growth was particularly driven by the expansion of wholesale sales in Finland and Scandinavia, along with increased retail sales in Finland. Net sales in Finland grew by 11 per cent, with retail sales in the country increasing by 5 per cent. International sales also rose by 6 per cent, supported by strong wholesale sales in Scandinavia and retail sales growth across all market areas.

Despite the increase in sales, Marimekko's operating profit for Q2 FY24 was €6.1 million, down from €6.6 million in the same period last year. The comparable operating profit for the quarter totalled €6.4 million, slightly behind the strong comparison period, and equalling 14.6 per cent of net sales, compared to 16.8 per cent in Q2 FY23.

“Marimekko's net sales and operating profit grew during the first six months of the year. Impressive events and brand collaborations 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,” said Tiina Alahuhta-Kasko, president and CEO.

Fibre2Fashion News Desk (DP)