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Output of Marimekko Herttoniemi textile printing factory up in H1
13
Aug '10
Marimekko Corporation, a leading Finnish textile and clothing design company, announced the Interim report from 1 January - 30 June 2010.

In the January-June period of 2010, the Marimekko Group's net sales fell slightly; operating profit improved markedly. Net sales fell by 1.6% to EUR 31.8 million (EUR 32.3 million). Operating profit increased to EUR 1.8 million (EUR 1.0 million). Profit after taxes for the period was EUR 1.4 million (EUR 0.8 million) and earnings per share were EUR 0.17 (EUR 0.10). The full-year estimate for 2010 remains unchanged: the Group's net sales and operating profit are expected to be approximately at the same level as in 2009.

Mika Ihamuotila, President and CEO:
”The trend in Marimekko's profitability in the first half of the year was quite positive. Operating profit improved by 74.6%, reaching EUR 1.8 million. I am pleased to note that the measures taken in 2009 to enhance operational efficiency and the continuous efforts to improve our business operations are proving effective. The Group's net sales fell by 1.6%. This decrease was primarily attributable to an extensive price-led promotion organised in Finland in the first quarter of 2009 to reduce inventories. There were signs of a pick-up in sales in the retailer-owned concept stores in Finland.

I have great confidence in the development of Marimekko's business and so we are going to invest more and more in creating the necessary preconditions for future growth. Our focus will be on developing the product selection and opening new stores and distribution channels in the United States, Northern Europe and East Asia. The effect of these investments is reflected in the second quarter results, and they will continue to have an impact on the Group's earnings for the remainder of the year.”

Market Situation
During the first half of the year, the Finnish economy has rebounded to a level approaching long-term averages and recovery is expected to continue through the rest of the year. The global economy is also expected to recover in the short term. The situation in the retail sector has improved in the early part of the summer, but is still weaker than normal.(Confederation of Finnish Industries EK: Business Tendency Survey, August 2010) From January to June 2010, the value of retail sales in Finland rose by 1.9% (Statistics Finland: Retail trade turnover 2010, June, quick estimate).

In the January-May period of 2010, retail sales of clothing (excluding sportswear) grew by 3.3% (Textile and Fashion Industries TMA). Sales of womenswear rose by 1.8%, sales of menswear by 6.4%, and sales of childrenswear by 3.9%. Sales of bags decreased by 0.4%. From January to May 2010, exports and imports of clothing (SITC 84) both fell by 5%; exports of textiles (SITC 65) declined by 11%, while imports increased by 9% (National Board of Customs, monthly review, May 2010).


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