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H1 operating loss at Finnish retailer Marimekko dips 50%
14
Aug '14
In the first six months of 2014, while releasing its interim report, Finland-based Marimekko Group, said that despite decline in net sales, operating loss fell by half from the same period of 2013.

In the period January to June 2014, net sales at Marimekko net sales fell by 6 percent from a year ago period to reach EUR 41.3 million. It attributed the fall in net sales to a downturn in wholesale sales in all market areas and a fall in retail sales in Finland.

It added that the decrease in wholesale sales was partly due to a change in the rhythm of deliveries in the first quarter of the year and the fact that a major part of the initial stock deliveries to new retailer-owned stores in North America and Asia in 2013 took place in the second quarter.

Despite decline in net sales, operating loss in the first half of 2014 fell 50% to EUR 1.2 million from EUR 2.4 million in the comparable period of 2013. Operating loss excluding nonrecurring items was EUR 0.6 million against loss of 1.0.

It said, reorganising and cost savings implemented in Finland and the United States in 2013 and this year contributed to the improved result.

Marimekko said, “As is typical of the trade, net sales in the first half of the year were low relative to operating expenses for seasonal reasons. Therefore, operating profit will be primarily generated during the second half of the year.”

It added that during the second half of 2014, it will continue to invest in growth while focusing on enhancing the operations of its stores, on improving the overall profitability of its business, and on creating even more attractive design and products.

Fibre2fashion News Desk - India

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