MARIMEKKO ANNOUNCES FINANCIAL GUIDANCE FOR 2020 NET SALES ARE EXPECTED TO BE LOWER THAN IN THE PREVIOUS YEAR AND COMPARABLE OPERATING PROFIT IS ESTIMATED TO BE APPROXIMATELY AT THE SAME LEVEL AS OR LOWER THAN THE YEAR BEFORE
Marimekko Corporation, Inside Information, 18 September 2020 at 8.30 a.m.
MARIMEKKO ANNOUNCES FINANCIAL GUIDANCE FOR 2020: NET SALES ARE EXPECTED TO BE LOWER THAN IN THE PREVIOUS YEAR AND COMPARABLE OPERATING PROFIT IS ESTIMATED TO BE APPROXIMATELY AT THE SAME LEVEL AS OR LOWER THAN THE YEAR BEFORE
On 25 March 2020, Marimekko withdrew its earlier financial guidance for 2020 solely due to the estimated impacts of the coronavirus pandemic. In its half-year financial report on 13 August 2020, the company stated that the coronavirus pandemic will have a significant negative impact on Marimekko’s net sales and profitability in 2020, but as the situation was changing rapidly, it was not possible to give any precise estimate of the impacts of the pandemic on business.
Even though there are still major uncertainties related to the exceptional circumstances caused by the pandemic, Marimekko can now better estimate the impacts of the pandemic on its business and consequently provides the following financial guidance for 2020: the Marimekko Group's net sales for 2020 are expected to be lower than in the previous year and comparable operating profit is estimated to be approximately at the same level as or lower than the year before.
The improved outlook is mainly based on a better-than-expected trend in Finnish retail sales during the summer, an improved wholesale sales outlook for the rest of the year as well as higher-than-estimated fixed cost savings during the remainder of the year.
However, there are significant uncertainties related to the company’s outlook for 2020. The outlook for Marimekko’s important domestic market as well as for the Group’s total retail sales essentially depends on the trend in customer numbers in retail stores during the rest of the year and whether there will be new major coronavirus infection waves in the fall, which may require temporary closures of Marimekko’s own retail stores. The company’s wholesale partners’ and customers’ recovery from the crisis can impact their replenishment orders during the remainder of the year, and so Marimekko’s full-year outlook as well. Furthermore, the global crisis may affect the operational reliability of the company’s value chain.
The company estimates that clearly the major portion of its net sales and earnings for the second half of 2020 is generated during the third quarter of the year.
Marimekko’s interim report for the January-September period will be issued on Wednesday 4 November 2020 at 8.00 a.m.
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Nasdaq Helsinki Ltd
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 2019, brand sales of the products worldwide amounted to EUR 251 million and the company's net sales were EUR 125 million. Roughly 150 Marimekko stores serve customers around the globe. The key markets are Northern Europe, North America and the Asia-Pacific region. The Group employs about 450 people. The company’s share is quoted on Nasdaq Helsinki Ltd. www.marimekko.com
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