Marimekko - Strong finish to the year
Marimekko's fourth quarter revenue beat our estimates slightly due to strong development in Finland. The company’s profitability was at considerably higher level compared to our estimates.
- Group result: net sales were slightly higher than we estimated at EUR 54.0m (EUR 52.1/52.2m Evli/cons.). As expected, Finnish wholesale sales decreased while especially domestic retail developed stronger than we estimated. In addition, international sales grew slightly faster than we had estimated.
- Adj. EBIT amounted to EUR 9.3m (EUR 8.2/8.4m Evli/cons.), reflecting a margin of 17.1%. EBIT was considerably higher than we estimated as the profitability scaled well with the increased volumes and licensing income grew 39% y/y. On the other hand, the sales margin was negatively affected by higher logistics costs.
- Finland: topline grew 3% to EUR 31.3m (Evli est. EUR 29.8m). The wholesale sales decreased less than we estimated (-11% y/y vs. Evli est. -15%) while retail sales grew at faster pace than expected (8% y/y vs. Evli est. 3%).
- Int’l: Marimekko’s international sales grew 13% y/y, while we estimated growth of 11% y/y. The important APAC region grew 11% while we had estimated growth of 8%. Scandinavia continued its fast growth at 20% y/y.
- Marimekko continues to expect that the sales in Finland will be roughly at the level of last year in 2025 and international sales are estimated to grow in 2025.
- Financial guidance 2025: net sales expected to grow from the previous year, comparable EBIT margin to be some 16-19%.
- BoD proposes a regular dividend of EUR 0.40 per share (in line with our estimates) and an extraordinary dividend of EUR 0.25 per share.