Wholesale growth boosts Marimekko's Q3 results

Third quarter net sales at Marimekko increased by 9 percent to 47.9 million euros driven by growth in wholesale sales both internationally and in Finland.

For the nine month period, the company’s net sales grew by 5 percent and amounted to 123.5 million euros boosted in particular by increased international wholesale sales. International sales grew by 10 percent, while net sales in Finland remained flat.

Commenting on the company’s financial performance, Tiina Alahuhta-Kasko, Marimekko president and CEO, said in a statement: “Our net sales grew both in Finland and internationally, and our operating profit improved. Nine Marimekko stores were opened in Asia. In the third quarter, we strengthened our position particularly in Asia and Scandinavia.”

The company said that its net sales in Finland grew by 6 percent as non-recurring promotional deliveries increased domestic wholesale sales and retail sales amounted almost to the record-high level of the comparison period. International sales grew by 13 percent.

Operating profit for the quarter was 12.9 million euros and comparable operating profit totaled 13.1 million euros equaling to 27.4 percent of net sales. The company's operating profit for nine months was 23.3 million euros and comparable operating profit totaled 23.7 million euros equaling 19.2 percent of net sales.

The Marimekko Group's net sales for 2023 are expected to grow from the previous year’s 166.5 million euros and comparable operating profit margin is estimated to be approximately 16 to 19 percent.