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Marimekko - Strong international growth continues

Marimekko's first quarter revenue beat our estimates due to stronger than expected growth in international markets. Profitability was hit by higher discounts and lower licensing income as expected. 

  • Group result: net sales were higher than we estimated at EUR 39.6m (EUR 37.4/38.3m Evli/cons.). The domestic net sales were in line yet growth in international markets beat our estimates.
  • Adj. EBIT amounted to EUR 4.4m (EUR 4.0/4.5m Evli/cons.), reflecting a margin of 11.1%. EBIT in absolute terms beat our estimates due to higher-than-expected volumes, on the other hand, the profitability was rather well in line with our estimates at 11.1% (Evli est. 10.8%). As expected, higher discounts and lower licensing income hit the profitability. In addition, fixed costs were higher.
  • Finland: topline fell 3% y/y to EUR 18.8m (Evli est. EUR 18.8m). The wholesale sales decreased slightly more than we estimated (-24% y/y vs. Evli est. -20%) while retail sales grew in line with expectations (9% y/y vs. Evli est. 8.5%). 
  • Int’l: Marimekko’s international sales grew 14% y/y, while we estimated growth of only 2% y/y. The important APAC region sales declined 3% while we had estimated growth of 5%. Wholesale sales in APAC missed our estimates and licensing income was non-existent while we had estimated a drop to EUR 0.5m. Europe and Scandinavia experienced strong growth, expanding by 60% and 38% year-over-year, respectively.
  • Financial guidance 2025 (unchanged): net sales expected to grow from the previous year, comparable EBIT margin to be some 16-19%.
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