Net sales of Finnish fashion house Marimekko surge 5% in FY23

The company's omnichannel retail sales saw a global increase of 3 per cent, with contributions from nearly all market areas. Wholesale sales witnessed notable growth in the Asia-Pacific region, North America, and Scandinavia, cumulating in a 6 per cent increase in global wholesale sales. Additionally, licensing income experienced an 8 per cent uplift from the previous year's record levels, Marimekko said in a media release.

In Finland, net sales reached €98.9 million, slightly up from €98.2 million, despite the challenging macroeconomic environment, where retail sales grew by 3 per cent. The Asia-Pacific region stood out with a 17 per cent increase in net sales to €35.4 million, supported by a 15 per cent rise in wholesale sales and a 5 per cent increase in Japan, alongside a 2 per cent growth in retail sales in the region.

For FY23, Marimekko reported an operating profit of €31.4 million, compared to €30.2 million in the previous year, maintaining a stable operating profit margin of 18 per cent, slightly down from 18.2 per cent, while the comparable operating profit margin improved to 18.4 per cent.

The net result for the period was €23.6 million, with earnings per share at €0.58, marking an improvement from €22.7 million and €0.56, respectively, in the previous year.

The fourth quarter of fiscal 2023 (Q4 FY23) also reflected positive momentum, with net sales increasing by 5 per cent to €50.6 million, driven by growth in international sales and Finnish retail sales. International sales grew by 10 per cent, supported by favourable developments in wholesale sales in the Asia-Pacific region and North America, as well as growth in licensing income. Operating profit for the quarter improved to €8.1 million from €6.8 million, with a comparable operating profit of €8.3 million, leading to a comparable operating profit margin of 16.4 per cent.

“Marimekko’s net sales continued to grow, and our operating profit improved. International sales grew clearly. Our determined work to scale up our profitable growth will continue in 2024 in spite of the weaker general market situation,” said Tiina Alahuhta-Kasko, president and CEO.

Fibre2Fashion News Desk (DP)