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International sales increased by 14 per cent in FY22. Operating profit for the year was €30.2 million, down slightly from €31.2 million in FY21, as increased fixed costs and lower relative sales margin weighed on the company’s profitability. However, Marimekko’s performance was also supported by lower depreciation costs and increased net sales.
Helsinki-based fashion and textile company Marimekko has reported a 9 per cent increase in net sales to €166.5 million for fiscal 2022, up from €152.2 million in the previous year. The growth was primarily driven by a favourable trend in retail sales in Finland and strong international sales, offset by lower wholesale sales in the domestic market.
In FY22, operating profit margin was 18.2 per cent and comparable operating profit margin was also 18.2 per cent.
In the fourth quarter (Q4) of FY22, net sales increased by 1 per cent year-on-year (YoY) to €48.4 million, primarily due to increased retail sales in Finland and growing international wholesale sales. However, the company reported weaker wholesale sales in the domestic market, where net sales decreased by 2 per cent YoY due to lower non-recurring promotional deliveries and weakened consumer demand. In Q4 FY22, the group’s operating profit totalled €6.8 million.
In the last quarter of FY22, operating profit margin was 14 per cent and comparable operating profit margin 14.3 per cent.
Retail sales in the fourth quarter increased by 13 per cent YoY as both sales in stores and online developed well. Wholesale sales in total decreased by 10 per cent YoY, as wholesale sales in Finland were lower than in the same period the year before.
Looking ahead to FY23, Marimekko expects net sales to continue to grow from the previous year and estimates a comparable operating profit margin of 16-19 per cent.
Fibre2Fashion News Desk (DP)
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