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Marimekko Group's net sales grow 13.1% in H1 FY'12
14
Aug '12
During the January-June period of 2012, the Marimekko Group’s net sales grew by 13 percent and international sales by 28 percent. Operating result was low, as expected, due to seasonality, structural changes and increased costs related to the expansion of business operations. Net sales and operating profit forecasts for the full year 2012 remain unchanged.

January to June

·        Net sales grew by 13.1% to EUR 38.5 million (34.0).

-     International sales grew by 28.1% to EUR 16.0 million (12.5). Strong growth in the Asia-Pacific region continued and sales rose by 35.7%. Growth in North America amounted to 60.9%.

-     Sales in Finland rose by 4.4% with strong growth in retailing, reaching EUR 22.5 million (21.6).

·        Operating result was EUR -1.5 million (-0.4). A drag on earnings was exerted by a decrease in wholesale sales in Finland, North America and Scandinavia, increased costs of the Helsinki head office and the country organizations in the United States and Sweden, and a rise in depreciation.

·        Cash flow from operating activities was EUR -0.5 million (-2.3).

·        Investments were EUR 3.9 million (3.2).

·        Brand sales grew by 4.2%, reaching EUR 83.2 million (79.8).

April to June

·        Net sales grew by 17.2% to EUR 19.7 million (16.8).

·        Operating result was EUR -0.5 million (-0.8).

·        Cash flow from operating activities was EUR 2.0 million (-0.4).

·        Market outlook and growth targets

The new stores opened during 2011 will, together with other significant investments in the expansion of the distribution network, generate a substantial increase in sales in 2012. In addition, the company aims to open between 10 and 20 new stores during this year, about half of which would be owned by Marimekko. Four stores were opened in the first half of the year; the number of openings scheduled for the second half of the year has currently been confirmed as 14. This total of 18 new Marimekko stores is divided as follows: 11 company-owned stores, four retailer-owned stores and three shop-in-shops.

The planned total investments for 2012 of the Marimekko Group are estimated as being in excess of EUR 6 million. The majority of investments will be directed at building new store premises and purchasing new furniture.

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