The Finnish textile supplier Marimekko Corporation had to accept a slight decline in sales in the first quarter of the 2023 financial year. The profit was not even half as high as in the same period last year. This emerges from an interim report published by the company on Tuesday.
In the period from January to March, sales were 35.3 million euros and thus two percent below the record level of the same quarter of the previous year. The Group attributed the decline to lower sales in the Finnish wholesale business and lower license income in the EMEA region, which includes Europe, the Middle East and Africa.
Because the lower license income and higher costs weighed heavily on the margin, the operating result fell by 43 percent to 3.8 million euros. The net profit, which was 5.0 million euros in the same quarter of the previous year, even dropped by 52 percent to 2.4 million euros.
Despite the uncertain framework conditions, the company intends to press ahead with its expansion. The focus is on the Asian markets. Most of the approximately ten to 15 new brand stores and shop-in-shop areas that are planned to open in the current year are to be located in this region. In addition, Marimekko has already expanded its e-commerce activities in China.