Finnish lifestyle company Marimekko’s net sales increased by 7 percent to 37.7 million euros in the first quarter boosted by the growth of wholesale sales in Finland and growth of international net sales.
Commenting on the first quarter update, Tiina Alahuhta-Kasko, president and CEO of Marimekko said: “Marimekko had a good start to the year 2024, 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.”
Net sales in Finland grew by 8 percent, while international sales grew by 6 percent as wholesale sales developed favourably both in the Asia-Pacific region and North America and licensing income grew considerably.
Operating profit was 5.1 million euros and comparable operating profit totaled 5.2 million euros, up 36 percent.
In the first quarter, Marimekko complemented its omnichannel retail network in Asia by launching a new digital channel in China and online stores in Vietnam and Malaysia were opened. In Japan, two Marimekko stores were opened in Koshigaya and Sendai. In addition, two pop-up stores opened doors in Australia. Total net sales in the Asia-Pacific region increased by 22 percent in the first quarter.
The Marimekko Group's net sales for 2024 are expected to grow from the previous year’s 174.1 million euros. Comparable operating profit margin is estimated to be approximately 16 to 19 percent compared to 18.4 percent in 2023.
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