Finnish lifestyle design company Marimekko has reported net sales of €75.6m ($82.21m) in the first half of FY2023, up 2% compared with the corresponding period in FY2022.
Sales during the period were driven by growing international wholesale sales and a favourable trend in retail sales in Finland.
International sales rose by 9% while sales declined by 3% in Finland in H1 FY2023 due to the impact of weak general consumer demand on domestic wholesale sales.
The company’s operating profit and comparable operating profit for the period were €10.4m and €10.6m, respectively.
In the second quarter of 2023, Marimekko saw its net sales increase by 6% to €40.3m, boosted by international wholesale sales and licensing income.
Sales of the retailer’s international business for the quarter increased by 21%, but total net sales in Finland dropped by 3%.
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Its operating profit increased to €6.6m in Q2 FY2023 from €5.7m a year ago, while comparable operating profit was €6.8m.
Marimekko president and CEO Tiina Alahuhta-Kasko said: “Our net sales grew and our operating profit improved in the second quarter. Our international sales developed strongly, and we are continuing the determined scaling up of our profitable growth.
“Net sales in Finland decreased by 3% despite growth in retail sales, as the weakened general consumer demand affected wholesale sales in Finland.
“Wholesale sales developed favourably in the Asia-Pacific region and North America in particular, growing globally by 4% in total. Our omnichannel retail sales, on the other hand, grew by 2% globally.”
For the full year 2023, Marimekko anticipates comparable operating profit margin to be approximately 16–19%.
The retailer also expects net sales for FY2023 to be above the previous year figure of €166.5m.