Marimekko - Well in line with estimates
Marimekko’s Q3 results were well in line with expectations. Both domestic and international sales posted solid growth, supported in particular by strong wholesale performance. Operating profit improved by 13%, driven by higher volumes.
- Group result: Net sales were roughly in line with our estimate at EUR 50.8m (EUR 51.3/51.2m Evli/cons.). Net sales increased by 8% y/y, driven by stronger wholesale sales both in Finland and internationally, up 15% globally.
- Adj. EBIT amounted to EUR 12.7m (EUR 13.0/12.6m Evli/cons.), corresponding to a margin of 24.9%. Profitability was supported by higher volumes, while a lower relative sales margin and higher fixed costs weighed on the result.
- Finland: Topline grew 7% y/y to EUR 27.5m (Evli est. EUR 27.6m). As expected, growth was driven by wholesale sales, even more than anticipated, while retail came in slightly below our estimate. Wholesale sales were supported by non-recurring promotional deliveries, which were weighted toward H1 last year.
- Int’l: Marimekko’s international sales grew 8% y/y to EUR 23.3m, well in line with our estimate of EUR 23.7m. APAC net sales grew by 8% driven by wholesale sales, while we had estimated growth of 11% in the region. Retail growth in Scandinavia and Europe remained strong, increasing 39% and 25%, respectively.
- Adj. EPS was EUR 0.25 per share (EUR 0.25/0.24 per share Evli/cons.).
- Financial guidance 2025 (unchanged): net sales expected to grow from the previous year, comparable EBIT margin to be some 16-19%.