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2021-11-03

INTERIM REPORT OF MARIMEKKO CORPORATION, 1 January – 30 September 2021: Marimekko’s net sales and result continued to increase in the third quarter

Marimekko Corporation, Interim Report, 3 November 2021 at 8.00 a.m.

INTERIM REPORT OF MARIMEKKO CORPORATION, 1 January – 30 September 2021: Marimekko’s net sales and result continued to increase in the third quarter

This release is a summary of Marimekko’s interim report for the January-September period of 2021. The complete report is attached to this release as a pdf file and it is also available on the company’s website at company.marimekko.com under Releases & publications.

The third quarter in brief

  • Marimekko’s net sales grew by 11 percent to EUR 42.4 million (38.0). The majority of Marimekko’s own stores were open in the third quarter. In Finland, net sales rose by 25 percent. Marimekko’s actions to control gray exports decreased international sales, which were down by 10 percent in the period under review.
  • Net sales were boosted especially by a favorable trend in wholesale sales in Finland. The good trend in wholesale sales was supported in particular by non-recurring promotional deliveries. On the other hand, net sales were especially weakened by lower wholesale sales in EMEA, resulting from controlling gray exports, and lower licensing income in the Asia-Pacific region.
  • Operating profit improved significantly, reaching EUR 13.3 million (10.5). Comparable operating profit was also EUR 13.3 million (10.5).
  • Earnings were boosted especially by increased net sales. Improved relative sales margin also supported result. On the other hand, an increase in fixed costs had a weakening impact on earnings. Fixed costs are expected to increase clearly also during the fourth quarter as a result of changes in accounting principles and investments in growth.

January-September in brief

  • Net sales grew by 21 percent to EUR 104.2 million (86.2). Net sales were boosted especially by a favorable trend in wholesale and retail sales in Finland as well as growing wholesale sales in the Asia-Pacific region and Scandinavia. The good development of wholesale sales in Finland was partly supported by nonrecurring promotional deliveries. On the other hand, net sales were weakened by lower licensing income in the Asia-Pacific region.
  • Operating profit amounted to EUR 24.4 million (14.4), and comparable operating profit was also EUR 24.4 million (14.4).
  • Earnings were boosted especially by increased net sales but also improved relative sales margin. On the other hand, an increase in fixed costs had a weakening impact on results.

Financial guidance for 2021 (as revised on 23 September)

The Marimekko Group's net sales for 2021 are expected to be higher than in the previous year (2020: EUR 123.6 million). Comparable operating profit margin is estimated to be higher than in the previous year (2020: 16.3 percent).

The instability caused by the coronavirus pandemic in Marimekko’s markets continues. Therefore, there are still significant uncertainties associated with the trend in the company’s net sales and earnings due to the pandemic situation. These uncertainties are described in more detail in the Major risks and factors of uncertainty section of this interim report.

Key figures

(EUR million)7–9/ 20217–9/ 2020Change,
%
1–9/
2021
1–9/
2020
Change,
%
1–12/
2020
Net Sales42.438.011104.286.221123.6
International sales13.615.0-1042.538.31152.4
% of net sales3240 4144 42
EBITDA16.313.62033.523.84131.9
Comparable EBITDA16.313.62033.5
Författare GlobeNewswire