Marimekko Corporation, Inside Information, 12 May 2021 at 1.50 p.m.
Marimekko raises its earnings guidance for 2021, net sales estimate remains unchanged
In its Financial Statements Bulletin published on 18 February 2021, Marimekko estimated that the Group's net sales for 2021 would be higher than in the previous year and comparable operating profit margin would be approximately on a par with the long-term goal of 15 percent.
Marimekko now raises its earlier estimate of comparable operating profit development in 2021. The upgrade is due, in particular, to improved sales outlook for the full year, supported by a very strong first quarter of the year. According to the new estimate, the Marimekko Group’s comparable operating profit margin for 2021 is expected to be approximately on a par with or higher than in the previous year (2020: 16.3 percent).
The Group’s net sales estimate given in the Financial Statements Bulletin remains unchanged. The revised financial guidance in full is as follows: the Marimekko Group's net sales for 2021 are expected to be higher than in the previous year (2020: EUR 123.6 million). Comparable operating profit margin is estimated to be approximately on a par with or higher than in the previous year (2020: 16.3 percent).
Despite a very strong first quarter, the company continues to estimate that because of the seasonal nature of Marimekko’s business, the major portion of the company’s euro-denominated net sales and earnings are generated during the last two quarters of the year.
However, the instability caused by the coronavirus pandemic in Marimekko’s markets continues, and therefore there are significant uncertainties associated with the trend in net sales and earnings. These uncertainties are described in more detail in the Financial Statements Bulletin.
Marimekko’s interim report for the first quarter will be published on Thursday 20 May 2021 at 8:00 a.m. EET.
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Marimekko is a Finnish lifestyle design company renowned for its original prints and colors. The company’s product portfolio includes high-quality clothing, bags and accessories as well as home décor items ranging from textiles to tableware. When Marimekko was founded in 1951, its unparalleled printed fabrics gave it a strong and unique identity. Marimekko products are sold in about 40 countries. In 2020, brand sales of the products worldwide amounted to EUR 285 million and the company's net sales were EUR 124 million. Roughly 150 Marimekko stores serve customers around the globe. The key markets are Northern Europe, the Asia-Pacific region and North America. The Group employs about 420 people. The company’s share is quoted on Nasdaq Helsinki Ltd. www.marimekko.com