Marimekko achieves sales growth in 2023, improves profitability
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Marimekko’s fourth quarter net sales increased by 5 percent to 50.6 million euros driven by the growth in international sales and positive development of Finnish retail sales.
The company’s net sales for the full year grew by 5 percent and amounted to 174.1 million euros.
Commenting on the company’s financial performance, Tiina Alahuhta-Kasko, Marimekko’s president and CEO, said in a statement: “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.”
Highlights of Marimekko’s Q4 and full year results
Net sales in Finland grew by 2 percent as retail sales increased. International sales grew by 10 percent since wholesale sales developed favourably both in the Asia-Pacific region and North America and licensing income grew.
For the full year, Marimekko’s international sales grew by 10 percent, while net sales in Finland increased by 1 percent.
Operating profit for the quarter was 8.1 million euros and comparable operating profit totaled 8.3 million euros equaling to 16.4 percent of net sales. In 2023, operating profit was 31.4 million euros and comparable operating profit totaled 32 million euros, equal to 18.4 percent of net sales.
Marimekko forecasts 2024 sales to increase
The Marimekko Group's net sales for 2024 are expected to grow from the previous year’s 174.1 million euros. Comparable operating profit margin is estimated to be approximately 16 to 19 percent compared to 18.4 percent in 2023.
The company added that development of consumer confidence and purchasing power, particularly in Finland, global supply chain disruptions and the general inflation development cause volatility to the outlook for 2024.
“During the strategy period of 2023–2027, Marimekko is focusing on scaling up its business and growth especially in the international markets,” added Alahuhta-Kasko.
The company’s board of directors plan to propose a dividend of 0.37 euros to the annual general meeting.