Q3 2024 Marimekko Oyj Earnings Call Transcript
Key Points
- Marimekko Oyj (OHEL:MEKKO) achieved nearly record-level net sales in Q3, totaling EUR47.2 million, despite challenging market conditions.
- Retail sales globally increased by 12%, with an 8% increase in Finland, demonstrating strong brand demand and effective team performance.
- The company's comparable operating profit remained strong at EUR11.1 million, equating to 23.5% of net sales.
- International sales grew by 9%, with notable progress in the Asia Pacific region, where sales increased by 9%.
- Marimekko Oyj launched a new e-commerce platform to enhance personalized customer experiences and opened new stores, including one in Shanghai, expanding its global presence.
- Net sales decreased by 1% compared to the previous period, primarily due to lower wholesale sales in Finland.
- Higher fixed costs, including increased marketing and personnel expenses, negatively impacted operating profit.
- The EMEA region experienced a decline in net sales due to ongoing brand and distribution modernization efforts.
- Logistics costs increased, weakening the relative sales margin, although discounts remained consistent with the previous period.
- The company faces uncertainties related to the global economy, which could impact consumer confidence and purchasing power, particularly in Finland.
Good afternoon and thank you for joining us for Marimekko's Q3 webcast. My name is Ana Touminen and I'll be your host today. With me, I have our President and CEO Tiina Alahuhta-Kasko who will in a short while run you through our Q3 results. And after that, we'll have a Q&A with also our CFO Elina Nckar joining us, you can already ask your questions by using the chat function on the platform. Without further ado Tiina, please go ahead.
Thank you so much, Ana and Good afternoon also on my behalf. And it is my pleasure today to walk you through Marimekko's Q3 performance.
So let's get started overall. In Q3, our net sales were nearly at the record level of the comparison period. Despite the timing of non-recurring promotional deliveries and the operating profit margin remains excellent all in all in the third quarter. We continued well in our scale
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