Marimekko, a fashion and textiles company based in Helsinki, has reported an increase of 9 per cent in its net sales for fiscal year 2022. This is up from EUR152.2million the previous year. The growth was driven by the positive trend in retail sales and strong international sales. This was offset by a decline in wholesale sales on the domestic market.
In FY22, international sales increased by 14%. Operating profit was EUR30.2m, a slight decrease from EUR31.2m in FY21. This is due to increased fixed costs, and a lower relative sales margin. Marimekko was also helped by lower depreciation and higher net sales.
Operating profit margin in FY22 was 18.2 percent and comparable operating margin was also 18%.
In the fourth quarter of FY22 (Q4), net sales grew by 1% year-on-year to EUR48.4m, due primarily to an increase in retail sales in Finland, and a growth in international wholesale sales. The company’s wholesale sales on the domestic market were weaker, with net sales falling by 2 percent YoY, due to lower nonrecurring promotional deliveries and weaker consumer demand. The group’s operating profits in Q4 FY22 totalled EUR6.8million.
Operating profit margin in the last quarter was 14% and comparable operating margin was 14.3 percent.
Retail sales in Finland increased by 13% YoY in the fourth quarter, as both in-store and online sales grew well. Wholesale sales decreased by 10% YoY as wholesale sales in Finland fell below the previous year’s same period.
Marimekko estimates that net sales will continue to increase in FY23 and that the operating profit margin will be similar to last year’s, at 16-19%.
