Finnish fashion firm Marimekko's net sales rise 2% in H1 FY23

In H1 FY23, Marimekko's omnichannel retail sales grew by 5 per cent YoY, while both wholesale sales and licensing income remained on par with the previous year. Although net sales in Finland decreased by 3 per cent YoY due to weakened general consumer demand, international sales grew by 9 per cent.

Specifically, in Finland, net sales were €40.193 million, with retail sales seeing a 6 per cent YoY increase. Comparable retail sales in Finland increased modestly by 1 per cent, while wholesale sales saw a sharp decline of 20 per cent, the company said in a media release.

The Asia-Pacific region saw a 22 per cent YoY increase in net sales to €17.175 million, with wholesale sales in Japan, Marimekko's most important market in the region, growing by 9 per cent YoY.

Despite the growth, the group’s operating profit in H1 FY23 dropped to €10.404 million. The operating profit margin for the period was 13.8 per cent, and the comparable operating profit margin was 14 per cent.

In the second quarter of fiscal 2023 (Q2 FY23), Marimekko’s net sales increased by 6 per cent YoY to €40.3 million, reaching a record high, driven by growth in international wholesale sales and licensing income.

Finnish retail sales continued to grow, but total net sales in Finland decreased by 3 per cent YoY. International sales, on the other hand, grew by 21 per cent YoY.

The operating profit for Q2 FY23 was €6.6 million compared to €5.7 million in Q2 FY22, and the comparable operating profit totalled €6.8 million, equalling 16.8 per cent of net sales.

“Our net sales grew and our operating profit improved in the second quarter. Our international sales developed strongly, and we are continuing the determined scaling up of our profitable growth,” said Tiina Alahuhta-Kasko, president and CEO.

Fibre2Fashion News Desk (DP)