Marimekko, a Finnish lifestyle design company, has posted 17 per cent sales increase to €29.1 million in its first quarter (Q1) of FY21 ended on March 31, 2021, compared to the sales of €24.9 million in the corresponding period of previous fiscal. The company’s net earnings for the reported quarter rose to €4.4 million (Q1 FY20: €0.2 million).
Marimekko, a Finnish lifestyle design company, has posted 17 per cent sales increase to €29.1 million in its first quarter (Q1) of FY21 ended on March 31, 2021, compared to the sales of €24.9 million in the corresponding period of previous fiscal. The company's net earnings for the reported quarter rose to €4.4 million (Q1 FY20: €0.2 million).#
“Successful wholesale sales in particular contributed to an increase in our net sales in the first quarter. International sales grew markedly. Thanks to higher net sales, a stronger relative sales margin and reduced fixed costs, our results improved significantly,” Tiina Alahuhta-Kasko, president and CEO at Marimekko, said in a press release.
EBITDA during the three-month period were €8.7 million (€4.4 million), while operating profit grew to €5.6 million (€1.2 million). Marimekko’s sales in Finland were up 7 per cent to €14.5 million (€13.6 million), whereas international sales for Q1 FY21 surged 29 per cent to €14.6 million (€11.3 million).
“Marimekko stores around the world were open in the first quarter with a few exceptions but, in many markets, the increasingly difficult pandemic situation and tighter restrictions continued to reduce footfall in stores. Good growth in online sales, however, supported our omnichannel retail,” Alahuhta-Kasko added.
“This year, we are investing in strengthening the building blocks of our long-term international growth: in addition to our digital business and a seamless omnichannel customer experience, we are continuing to develop our sustainability and brand awareness. Changes in consumer behaviour as a result of the growing significance of digitisation and sustainability present unique growth opportunities for Marimekko, and we are willing to boldly seize those opportunities. We are of course closely monitoring the development of the pandemic situation in each of our market areas and will adjust our plans as necessary,” Alahuhta-Kasko said in the release.
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