Marimekko - Good result despite the uncertainties
Marimekko’s Q4 result was somewhat in line with expectations. Net sales were EUR 37m (8% y/y) vs. EUR 38m/38m Evli/cons. Adj. EBIT was EUR 5.8m vs. EUR 5.0m/4.7m Evli/cons. 2020 dividend proposal is EUR 1.0 vs. EUR 1.20/1.10 Evli/cons.
- Finland: revenue was EUR 23.2m vs. EUR 24.9m Evli view. Revenue increased by 6% y/y. Wholesale sales developed favorably and were boosted by non-recurring promotional deliveries.
- International: revenue increased by 11% y/y and was EUR 14.1m vs. EUR 13.2m Evli view. Wholesale sales developed well also in EMEA and Scandinavia.
- Q4 adj. EBIT was EUR 5.8m (15.5% margin) vs. EUR 5.0m/4.7m (13.1%/12.4% margin) Evli/cons. Profitability was boosted by increased sales and decreased fixed costs. On the other hand, relative sales margin declined due to higher logistics costs resulting from an increase in online sales.
- Q4 adj. EPS was EUR 0.51 vs. EUR 0.46/0.43 Evli/cons.
- 2020 dividend proposal is EUR 1.0 vs. EUR 1.20/1.10 Evli/cons. Dividend from 2019 is EUR 0.90.
- 2021E guidance: net sales are expected to be higher than in the previous year. Adj. EBIT margin is expected to be approx. on a par with the long-term goal of 15%.