Marimekko - Q4 result as expected
Marimekko’s Q4 net sales increased by 17% and amounted to EUR 34.7m vs. EUR 34.6m/34.3m Evli/cons. Adj. EBIT was EUR 3.0m vs. EUR 2.9m/3.0m Evli/cons. In 2020E, revenue is expected to be higher than in the previous year while adj. EBIT is estimated to be approximately at the same level or higher than in the previous year.
- Finland: revenue was EUR 21.9m vs. EUR 21.0m Evli view. Revenue increased by 20%.
- International: revenue was EUR 12.8m vs. EUR 13.6m Evli view. Revenue increased by 12%.
- Retail sales increased by 16%. Wholesale sales increased by 15%. Growth came primarily from retail and wholesale sales in Finland as well as increased wholesale sales and licensing income in the Asia-Pacific region.
- Q4 adj. EBIT was EUR 3.0m (8.7% margin) vs. EUR 2.9m/3.0m (8.4%/8.8% margin) Evli/cons. Profitability was boosted by sales growth whereas higher fixed costs had a negative impact on result.
- Q4 EPS was EUR 0.26 vs. EUR 0.29/0.28 Evli/cons.
- Proposal for ’19 dividend: EUR 0.90 vs. EUR 1.14/1.08 Evli/cons.
- Guidance for 2020E: revenue is expected to be higher than in the previous year while adj. EBIT is estimated to be approximately at the same level or higher than in the previous year.