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Finnish fashion firm Marimekko sales soar 7% in Q1 FY24

17 May '24

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Finnish fashion firm Marimekko's sales soar 7% in Q1 FY24

Pic: Marimekko

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Marimekko reported a 7 per cent increase in Q1 FY24 net sales to €37.7 million (~$40.9 million), driven by a rise in wholesale sales in Finland and notable international growth.
Operating profit rose 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 16–19 per cent.

Marimekko, a Helsinki-based fashion and textile company, has reported a 7 per cent increase in net sales in the first quarter of fiscal 2024 (Q1 FY24), totalling €37.7 million (approximately $40.9 million) compared to €35.3 million in the same period last year. This growth was primarily driven by a rise in wholesale sales in Finland, attributed to a higher-than-expected volume of non-recurring promotional deliveries during the quarter. Additionally, the company saw a notable increase in international net sales.

In Finland, net sales grew by 8 per cent, while international sales increased by 6 per cent. This international growth was bolstered by favourable wholesale sales developments in both the Asia-Pacific region and North America, alongside a considerable rise in licensing income, the company said in its interim report for the January-March period of FY24.

Marimekko's operating profit for Q1 FY24 reached €5.1 million, up from €3.8 million in the same quarter last year. The comparable operating profit totalled €5.2 million, equating to 13.8 per cent of net sales, an improvement from 10.9 per cent in the previous year.

Looking ahead, Marimekko expects its net sales for fiscal 2024 to surpass the previous year's total of €174.1 million. The company anticipates a comparable operating profit margin of approximately 16–19 per cent, compared to 18.4 per cent in FY23.

“Marimekko had a good start to the year FY24, and an impressive one in terms of our brand communications. This year, we are celebrating the 60th anniversary of the Unikko print, which supports our momentum to continue our determined work to scale up our profitable growth in spite of the weaker general market situation,” said Tiina Alahuhta-Kasko, president and CEO.

Fibre2Fashion News Desk (DP)

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