The Finnish textile supplier Marimekko Corporation closed the 2022 financial year with a solid increase in sales. However, the profit fell short of the previous year’s level. This emerges from an annual report that the company published on Thursday.
Last year, Marimekko generated group sales of EUR 166.5 million, which means an increase of nine percent compared to 2021. The engine of growth was the foreign business with an increase of 14 percent to 68.3 million euros. In the home country of Finland, sales increased by six percent.
However, higher costs weighed on the result. The operating profit shrank by three percent to 30.2 million euros. The net profit for the year amounted to 22.7 million euros and thus fell by seven percent compared to the previous year.
For 2023, the management expects further sales growth. The operating margin adjusted for special effects, which was 18.2 percent in 2022, is expected to reach 16 to 19 percent. The company warned in a statement that the development of consumer sentiment and purchasing power, possible disruptions to global supply chains and, in particular, general cost inflation would continue to cause uncertainty. Nevertheless, Marimekko wants to expand further: five to ten new stores are to be opened in the course of the year, most of them in Asia.