2014-11-06 07:30:00 CET
2014-11-06 07:30:04 CET
REGULATED INFORMATION
Marimekko - Interim report (Q1 and Q3)
INTERIM REPORT OF MARIMEKKO CORPORATION, 1 JANUARY - 30 SEPTEMBER 2014: EARNINGS IMPROVED IN A DIFFICULT MARKET
Marimekko Corporation, Interim Report, 6 November 2014 at 8.30 a.m.
Streamlined operations and continued growth in Asia contributed to the improved
result
In January-September 2014, the Marimekko Group's net sales fell by 1 percent
relative to the same period last year and amounted to EUR 68.1 million (68.5).
The decline in net sales is explained by a downturn in the company's wholesale
sales in North America, Scandinavia and EMEA and a fall in retail sales in
Finland. The decrease in wholesale sales was partly due to a change in the
rhythm of deliveries in the first quarter of the year. In the July-September
period, net sales grew by 8 percent; sales were boosted by one-time promotions
in Finland and earlier timing of wholesale deliveries for winter collections in
September.
The trend in earnings for the January-September period was slightly better than
forecast, and profits improved despite the decline in net sales: Operating
profit was EUR 3.6 million (0.6) and operating profit excluding nonrecurring
items was EUR 4.3 million (2.1). In the July-September period, operating profit
was EUR 4.9 million (3.1). The results were boosted by reorganisations and cost
savings implemented in Finland and the United States in 2013 and this year,
one-time promotions in Finland, earlier timing of wholesale deliveries for
winter collections in September, and gains on exchange rates due to the
depreciation of the euro.
The business climate for retail trade continued to be challenging especially in
Finland. Actions taken to streamline operations supported the company's profit
performance. As expected, the trend in retail sales started to level out at the
beginning of the third quarter in Finland in particular due to the low level of
sales during the comparison period. Retail and especially Christmas sales
typically contribute a significant proportion of sales in the last quarter of
the year.
Marimekko will continue to invest in growth while focusing on enhancing the
operations of its stores, on improving the overall profitability of its
business, and on creating even more attractive design and products.
Key indicators
7-9/ 7-9/ Change 1-9/ 1-9/ Change 1-12/
2014 2013 , 2014 2013 , 2013
% %
--------------------------------------------------------------------------------
Net sales, EUR million 26.8 24.9 8 68.1 68.5 -1 94.0
--------------------------------------------------------------------------------
International sales, EUR 11.6 10.6 9 30.9 31.1 -1 41.8
million
--------------------------------------------------------------------------------
% of net sales 43 43 45 45 45
--------------------------------------------------------------------------------
EBITDA, EUR million 5.9 4.2 41 6.9 4.3 61 6.9
--------------------------------------------------------------------------------
EBITDA excluding nonrecurring 5.9 4.2 41 7.5 5.5 36 7.9
items, EUR million
--------------------------------------------------------------------------------
Operating profit, EUR million 4.9 3.1 58 3.6 0.6 0.1
--------------------------------------------------------------------------------
Operating profit excluding 4.9 3.1 58 4.3 2.1 103 1.4
nonrecurring items, EUR
million
--------------------------------------------------------------------------------
Operating profit margin, % 18.2 12.4 5.4 0.9 0.1
--------------------------------------------------------------------------------
Operating profit margin 18.2 12.4 6.3 3.1 1.4
excluding nonrecurring items,
%
--------------------------------------------------------------------------------
Result for the period, EUR 4.0 1.8 123 2.9 -0.4 -1.0
million
--------------------------------------------------------------------------------
Earnings per share, EUR 0.49 0.22 125 0.35 -0.05 -0.12
--------------------------------------------------------------------------------
Cash flow from operating 4.4 2.6 66 3.5 0.4 5.4
activities, EUR million
--------------------------------------------------------------------------------
Return on investment (ROI), % 13.8 0.9 -1.1
--------------------------------------------------------------------------------
Equity ratio, % 56.8 51.5 55.5
--------------------------------------------------------------------------------
Gross investments, EUR million 0.6 0.8 -15 1.4 1.9 -24 2.4
--------------------------------------------------------------------------------
Personnel at the end of the 456 522 -13 502
period
--------------------------------------------------------------------------------
outside Finland 121 110 10 124
--------------------------------------------------------------------------------
Brand sales*, EUR million 51.6 48.4 7 132.9 139.6 -5 191.1
--------------------------------------------------------------------------------
outside Finland, EUR million 30.5 28.8 6 80.9 86.6 -7 115.1
--------------------------------------------------------------------------------
proportion of international 59 60 61 62 60
sales, %
--------------------------------------------------------------------------------
Number of stores** 136 128 6 133
--------------------------------------------------------------------------------
The change percentages in the table were calculated on exact figures before the
amounts were rounded to millions of euros.
*Estimated sales of Marimekko products at consumer prices. Brand sales are
calculated by adding together the company's own retail sales and the estimated
retail value of Marimekko products sold by other retailers. The estimate, based
on Marimekko's actual wholesale sales to these retailers, is unofficial and
does not include VAT. The key figure is not audited.
** Includes the company's own retail stores, retailer-owned Marimekko stores
and shop-in-shops with an area exceeding 30 sqm. The company's own retail
stores numbered 53 at the end of September 2014 (49). Information on changes is
available in the section Internationalisation and changes in the store network.
Mika Ihamuotila, President and CEO:
“I am pleased that we succeeded in achieving a strong result despite the
challenging business conditions in the retail market especially in Finland and
the slight decline in our net sales. In January-September 2014, our operating
profit was EUR 3.6 million (0.6), and operating profit excluding nonrecurring
items doubled from the comparison period to EUR 4.3 million. The actions we
have taken to streamline our operations have been effective, which is the most
important factor in the marked improvement in our profitability.
“Our net sales fell by one percent relative to the same period last year and
amounted to EUR 68.1 million. The decline was mainly due to a downturn in our
wholesale sales in North America, Scandinavia and EMEA and decreased retail
sales in Finland. However, the relative trend in retail sales especially in
Finland started to level out at the beginning of the third quarter as expected.
Our wholesale sales in Japan have been negatively impacted by the appreciation
of the euro against the yen and by an increase in sales tax which came into
effect in Japan in April 2014. This is forecast to continue in the remainder of
the year, but the long-term prospects are nevertheless also positive in Japan.
“During the year, we have continued to reinforce our position in the
Asia-Pacific region, where growth in the consumer market is strong. Ten new
Marimekko stores, out of a total of 19, are opened this year in this important
market area. The new retailer-owned stores that have already been opened are
located in Japan, Hong Kong, South Korea and New Zealand. In Australia, our
retail sales have developed better than was forecast, and we opened our third
company-owned store there in September. In December, new retailer-owned stores
will be opened in Hong Kong and Chengdu, China.
“The third quarter was a step in the right direction in achieving a good profit
level. In the remainder of the year, we will continue to invest in growth and
to improve the overall profitability of our business. The last quarter of 2014
will be boosted by royalty earnings from the Banana Republic Marimekko
Collection and one-off promotional deliveries in Finland. We are currently
updating our product design as well as our processes for product development
and procurement.
“I believe that our investment in new design, growth in Asia and digitalisation
together with streamlined operations will strengthen Marimekko even further.”
Financial guidance for 2014
Guidance for 2014 amended on 21 October 2014: On the basis of general market
prospects, the company's growth targets and the agreed reorganisations, the net
sales of the Marimekko Group in 2014 are forecast to be approximately at the
same level as in 2013. Operating profit excluding nonrecurring items is
estimated at EUR 4-8 million.
In its interim report for the January-June period, issued on 14 August 2014,
Marimekko estimated that the Group's full-year net sales would grow by 3-8
percent on 2013 and that operating profit excluding nonrecurring items would be
EUR 4-8 million.
Further information
Mika Ihamuotila, President and CEO, tel. +358 9 758 71
Thomas Ekström, CFO, tel. +358 50 381 9751
MARIMEKKO CORPORATION
Corporate Communications
Piia Kumpulainen
Tel. +358 9 758 7293
piia.kumpulainen@marimekko.com
DISTRIBUTION:
NASDAQ OMX Helsinki Ltd
Key media
INTERIM REPORT OF MARIMEKKO CORPORATION, 1 JANUARY - 30 SEPTEMBER 2014
MARKET REVIEW
The general uncertainty in the world economy has continued. Conditions in the
Asia-Pacific region have remained relatively stable, although the impact of
China on the global economy has diminished despite growth in the Chinese
economy. Development in Europe is marked by uncertainty, and growth has slowed
down. In the United States, economic growth is expected to continue steady. In
Finland, conditions in the retail sector have remained difficult, and the
outlook for the rest of the year is uncertain. The downbeat prospects are
further clouded by the economic climate in Russia and the Ukrainian crisis
(Confederation of Finnish Industries EK: Economic Review, 21 October 2014). In
the January-September period of 2014, the value of retail sales in Finland fell
by 0.6 percent and the volume of sales, which indicates real growth in sales,
fell by 0.9 percent (Statistics Finland: Turnover of Trade, retail trade flash
estimate, September 2014).
INTERNATIONALISATION AND CHANGES IN THE STORE NETWORK
Marimekko is experiencing a dynamic phase of internationalisation. In 2014, the
main thrust in expansion is on openings of retailer-owned Marimekko stores.
Also, the company is concentrating on enhancing the operations of company-owned
stores opened in recent years and improving their profitability.
In its interim report issued on 14 August 2014, the company stated that 22 new
Marimekko stores would be opened this year. The openings of three
retailer-owned stores have been postponed to the beginning of 2015 due to
delays in the construction of the shopping centres. The number of openings has
thus been confirmed as 19, 10 of which are in the Asia-Pacific region. The new
Marimekko stores break down as follows: four company-owned and seven
retailer-owned stores and eight shop-in-shops.
During the third quarter, three Marimekko stores were opened: a company-owned
store in Melbourne, Australia, a retailer-owned store in Nagasaki, Japan, and a
shop-in-shop in Finland. Since the end of the period under review, two
company-owned stores and a shop-in-shop have been opened in Finland along with
two retailer-owned stores in Seoul, South Korea, and two shop-in-shops in
Mexico. In addition, three more stores will be opened in the final quarter of
the year.
Number of stores & shop-in-shops* 30.9.2014 30.9.2013 31.12.2013
-------------------------------------------------------------------
Finland 59 53 56
-------------------------------------------------------------------
Company-owned stores 32 29 31
-------------------------------------------------------------------
Scandinavia 10 14 13
-------------------------------------------------------------------
Company-owned stores 8 8 8
-------------------------------------------------------------------
EMEA** 4 4 4
-------------------------------------------------------------------
Company-owned stores 4 4 4
-------------------------------------------------------------------
North America 21 23 23
-------------------------------------------------------------------
Company-owned stores 6 6 6
-------------------------------------------------------------------
Asia-Pacific 42 34 37
-------------------------------------------------------------------
Company-owned stores 3 2 2
-------------------------------------------------------------------
Total 136 128 133
-------------------------------------------------------------------
Company-owned stores 53 49 51
-------------------------------------------------------------------
* Includes the company's own retail stores, retailer-owned Marimekko stores and
shop-in-shops with an area exceeding 30 sqm.
**The market area of Central and Southern Europe previously referred to in
Marimekko's financial disclosures has changed to EMEA (Europe and Middle East
Area) as a result of the partnership initiated in the Middle East during the
second quarter.
NET SALES
In January-September 2014, the Group's net sales fell by 1 percent to EUR
68,061 thousand (68,542). Net sales in Finland fell by 1 percent. With the
exception of Finland, retail sales grew in all market areas, which was partly
due to additional sales generated by stores opened in 2013. Comparable sales by
company-owned stores rose in particular in Scandinavia and in the rest of
Europe. Net sales were boosted by one-time promotions in Finland during the
third quarter. A downturn in wholesale sales in North America, Scandinavia and
EMEA was the biggest factor in the decline in overall net sales. The decrease
in wholesale sales was partly due to a change in the rhythm of deliveries in
the first quarter of the year. Also, reduced levels compared to the previous
year of restocking deliveries to retailers exerted a drag on wholesale sales in
Finland. In addition, royalty income was at a lower level than in the
comparison period.
In the July-September period, the Group's net sales rose by 8 percent to EUR
26,811 thousand (24,875). Net sales in Finland grew by 7 percent relative to
the same period last year. International sales rose by 9 percent. Net sales in
the third quarter were boosted by one-time promotions in Finland and earlier
timing of wholesale deliveries for winter collections in September.
Net sales by market area
(EUR 1,000) 7-9/ 7-9/ Change, 1-9/ 1-9/ Change 1-12/
2014 2013 % 2014 2013 , 2013
%
--------------------------------------------------------------------------------
Finland 15,203 14,272 7 37,196 37,454 -1 52,159
--------------------------------------------------------------------------------
Retail sales 9,809 9,807 0 24,812 25,315 -2 35,107
--------------------------------------------------------------------------------
Wholesale sales 5,290 4,375 21 12,108 11,821 2 16,491
--------------------------------------------------------------------------------
Royalties 103 91 14 276 319 -13 562
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Scandinavia 2,365 2,259 5 6,248 5,858 7 8,152
--------------------------------------------------------------------------------
Retail sales 1,374 1,185 16 3,767 3,032 24 4,355
--------------------------------------------------------------------------------
Wholesale sales 990 1,073 -8 2,481 2,826 -12 3,796
--------------------------------------------------------------------------------
Royalties - - - - -
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
EMEA 2,080 2,010* 3 5,819 5,932* -2 7,702*
--------------------------------------------------------------------------------
Retail sales 379 324 17 1,096 954 15 1,408
--------------------------------------------------------------------------------
Wholesale sales 1,664 1,661* 0 4,611 4,903* -6 6,194*
--------------------------------------------------------------------------------
Royalties 37 25 50 111 75 49 100
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
North America 2,201 2,077 6 5,752 6,352 -9 8,534
--------------------------------------------------------------------------------
Retail sales 1,579 1,366 16 4,221 3,966 6 5,587
--------------------------------------------------------------------------------
Wholesale sales 552 609 -9 1,336 2,015 -34 2,511
--------------------------------------------------------------------------------
Royalties 70 101 -31 195 371 -47 436
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Asia-Pacific 4,963 4,258* 17 13,046 12,946* 1 17,460*
--------------------------------------------------------------------------------
Retail sales 530 489 9 1,546 1,496 3 2,300
--------------------------------------------------------------------------------
Wholesale sales 4,432 3,769* 18 11,496 11,448* 0 15,158*
--------------------------------------------------------------------------------
Royalties - - 5 2 157 2
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
International sales, 11,608 10,603 9 30,864 31,088 -1 41,848
total
--------------------------------------------------------------------------------
Retail sales 3,862 3,364 15 10,630 9,448 13 13,651
--------------------------------------------------------------------------------
Wholesale sales 7,638 7,113 7 19,923 21,192 -6 27,659
--------------------------------------------------------------------------------
Royalties 107 126 -15 311 448 -30 538
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total 26,811 24,875 8 68,061 68,542 -1 94,007
--------------------------------------------------------------------------------
Retail sales 13,672 13,170 4 35,442 34,763 2 48,757
--------------------------------------------------------------------------------
Wholesale sales 12,929 11,488 13 32,031 33,013 -3 44,150
--------------------------------------------------------------------------------
Royalties 211 217 -3 587 766 -23 1,100
--------------------------------------------------------------------------------
All figures in the table have been individually rounded to thousands of euros,
so there may be rounding differences in the totals.
* Previously reported comparison figures for net sales by market area have been
adjusted because the market area of Central and Southern Europe referred to in
Marimekko's financial disclosures has changed to EMEA (Europe and Middle East
Area).
Finland
In the January-September period, sales in Finland fell by 1 percent to EUR
37,196 thousand (37,454). Retail sales declined by 2 percent; comparable sales
fell by 4 percent. Wholesale sales grew by 2 percent.
During the third quarter, retail sales held steady at the previous year's
level; comparable sales at company-owned stores slipped 2 percent. Wholesale
sales grew by 21 percent. The increase in wholesale sales was influenced by
one-time promotions as well as earlier timing of deliveries for winter
collections in September.
Scandinavia
In Scandinavia, sales during the January-September period grew by 7 percent
compared to the same period last year, reaching EUR 6,248 thousand (5,858).
Retail sales rose by 24 percent. Retail sales were boosted by the two new
Marimekko stores opened in 2013 as well as by the extension to Sweden and
Denmark of online retailing. Comparable sales at company-owned stores rose by
10 percent. Wholesale sales fell by 12 percent, partly due to a change in the
delivery rhythm for the spring collection.
During the third quarter, retail sales grew by 16 percent; comparable sales at
company-owned stores rose by 7 percent. Wholesale sales fell by 8 percent.
EMEA
The market area of Central and Southern Europe previously referred to in
Marimekko's financial disclosures has changed to EMEA (Europe and Middle East
Area) as a result of the partnership initiated in the Middle East during the
second quarter of the year.
In this market area, net sales in the January-September period fell by 2
percent to EUR 5,819 thousand (5,932). Retail sales grew by 15 percent.
Wholesale sales fell by 6 percent compared to the same period last year,
affected by a change in the delivery rhythm for the spring collection.
During the third quarter, retail sales grew by 17 percent. Wholesale sales held
steady at the previous year's level.
North America
In North America, net sales for the January-September period fell by 9 percent
to EUR 5,752 thousand (6,352). In terms of the sales currency (mostly the US
dollar), sales fell by about 10 percent. Retail sales rose by 6 percent,
whereas wholesale sales were 34 percent lower than in the comparison period.
The ending of the shop-in-shop partnership between Marimekko and the home
furnishings retailer Crate and Barrel in summer 2014 showed up as a significant
downturn in the number of products delivered during the period under review.
During the third quarter, retail sales grew by 16 percent. Wholesale sales fell
by 9 percent.
Asia-Pacific
Net sales in the Asia-Pacific region rose in the January-September period by 1
percent to EUR 13,046 thousand (12,946). Wholesale sales remained at the
previous year's level; sales were influenced by a change in the delivery rhythm
for the spring collection during the first quarter. In addition, the rise of
the euro against the yen and an increase in sales tax in Japan in April 2014
had a negative impact on Marimekko's wholesale sales in Japan. Retail sales
(the Australian stores in Sydney and Melbourne) grew by 3 percent; comparable
sales at company-owned stores were on a par with the previous year. In terms of
the sales currency (the Australian dollar), retail sales rose by 5 percent.
During the third quarter, euro-denominated retail sales grew by 9 percent;
comparable sales at company-owned stores were on a par with the previous year.
In terms of the sales currency, retail sales in the stores in Australia grew by
11 percent. Wholesale sales grew by 18 percent.
FINANCIAL RESULT
Due to the seasonal nature of Marimekko's business, the accrual of net sales
and earnings tends towards the second half of the year. During the third
quarter, the trend in earnings took a distinct turn for the better, as
expected. In January-September 2014, the Group's operating profit was EUR 3,646
thousand (645). This figure includes a nonrecurring expense of EUR 669 thousand
connected with downsizing resulting from the consultative negotiations
completed in March 2014. Operating profit for the comparison period included
EUR 1,485 thousand in nonrecurring expenses. Operating profit excluding
nonrecurring items was EUR 4,315 thousand (2,130). In the July-September period
, the Group's operating profit was EUR 4,875 thousand (3,093).
Reorganisations and cost savings implemented in Finland and the United States
in 2013 and this year, one-time promotions in Finland, earlier timing of
wholesale deliveries for winter collections in September, and gains on exchange
rates due to the depreciation of the euro contributed to the improved result.
Operating profit was weakened by a downturn in wholesale sales in North
America, Scandinavia and EMEA.
Marketing expenses during the period under review totalled EUR 3,063 thousand
(3,235), or 4 percent of the Group's net sales (5).
The Group's depreciation was EUR 3,208 thousand (3,607), representing 5 percent
of net sales (5).
Operating profit margin for the January-September period of 2014 was 5.4
percent (0.9). The third-quarter operating profit margin was 18.2 percent
(12.4).
Net financial income was EUR 113 thousand (net financial expenses 554), or 0
percent of net sales (1).
Result for the review period before taxes was EUR 3,759 thousand (91). Result
after taxes was EUR 2,864 thousand (-410) and earnings per share were EUR 0.35
(-0.05).
BALANCE SHEET
The consolidated balance sheet total as of 30 September 2014 was EUR 48,768
thousand (53,796). Equity attributable to the equity holders of the parent
company was EUR 27,646 thousand (27,692), or EUR 3.42 per share (3.42).
Non-current assets at the end of September 2014 were EUR 18,672 thousand
(22,924).
At the end of the period under review, net working capital was EUR 17,901
thousand (17,995). Inventories were EUR 18,423 thousand (18,867).
CASH FLOW AND FINANCING
In the January-September period, cash flow from operating activities was EUR
3,545 thousand (393), or EUR 0.44 per share (0.05). Cash flow before cash flow
from financing activities was EUR 2,121 thousand (-1,483).
In the July-September period, cash flow from operating activities was EUR 4,384
thousand (2,647), or EUR 0.54 per share (0.33). Cash flow before cash flow from
financing activities was EUR 495 thousand (1,891).
The Group's financial liabilities at the end of the period under review stood
at EUR 11,383 thousand (16,547).
At the end of the period under review, the Group's cash and cash equivalents
amounted to EUR 2,706 thousand (3,438). In addition, the Group had unused
committed long- and short-term credit lines of EUR 18,057 thousand (12,794).
The Group's equity ratio at the end of the period under review was 56.8 percent
(51.5). Gearing was 31.4 percent (47.3).
INVESTMENTS
The Group's gross investments in January-September were EUR 1,424 thousand
(1,876), or 2 percent of net sales (3). Most of the investments were devoted to
building store premises, IT systems, and other building expenses related to
business premises.
PERSONNEL
In January-September 2014, the number of employees averaged 473 (531). At the
end of the period, the Group had 456 (522) employees, of whom 121 (110) worked
outside Finland. The number of employees working outside Finland was broken
down as follows: Scandinavia 40 (35), EMEA 13 (14), North America 49 (49) and
Asia-Pacific 19 (12). The personnel at company-owned stores totalled 233 at the
end of the period (227).
CHANGES IN MANAGEMENT
Anna Teurnell started as Marimekko's Creative Director and member of the
company's Management Group on 15 July 2014. She leads Marimekko's design team
and is responsible for the company's design strategy for fashion, bags and
accessories as well as home products.
Marimekko's Chief Marketing Officer Tiina Alahuhta-Kasko was appointed the
company's Chief Operating Officer (COO) as of 20 August 2014. This is a new
post, intended to bind the company's operational activities together so that
the products represent the brand more strongly and are in line with the
strategy from the drawing board all the way to the consumer. Alahuhta-Kasko
will also continue to be in charge of the company's marketing.
RESOLUTIONS OF THE ANNUAL GENERAL MEETING
The resolutions of Marimekko Corporation's Annual General Meeting have been
reported in the stock exchange release of 23 April 2014 and in the interim
report of 8 May 2014.
REORGANISATIONS IN THE UNITED STATES
In February 2014, Marimekko reported reorganisations concerning its operations
in the United States. In respect of these, negotiations on the termination of
the lease for the Beverly Hills store and on the possible relocation of the
store are still in progress. The previously implemented actions on the country
organisation as well as the store closure or relocation are aimed at a total of
about EUR 1.0 million in annual savings.
EXPANSION TO THE MIDDLE EAST
In June 2014, Marimekko announced the signing of a partnership contract with
BinHendi Enterprises. The aim of the partnership is to open a total of eight
Marimekko stores in the Middle East by the end of 2019. It was intended to open
the first store in the new Al Wasl shopping mall in Dubai towards the end of
2014. Due to delays in the construction of the mall, the store opening has been
rescheduled for early 2015.
SHARE AND SHAREHOLDERS
Share capital and number of shares
At the end of September 2014, the company's fully paid-up share capital, as
recorded in the Trade Register, amounted to EUR 8,040,000 and the number of
shares totalled 8,089,610.
Shareholdings
According to the book-entry register, Marimekko had 7,171 shareholders at the
end of September 2014 (7,474). Of the shares, 21.8 percent were owned by
nominee-registered or non-Finnish holders (21.2). The number of shares owned
either directly or indirectly by members of the Board of Directors and the
President and CEO of the company was 1,328,598 (1,343,930), representing 16.4
percent of the number and voting rights of the company's shares (16.6).
The largest shareholders according to the book-entry register on 30 September
2014
Number of shares Percentage of shares
and votes and votes
--------------------------------------------------------------------------------
1. Muotitila Ltd 1,297,700 16.04
--------------------------------------------------------------------------------
2. Semerca Investments SA 850,377 10.51
--------------------------------------------------------------------------------
3. Varma Mutual Employment Pension 385,920 4.77
Insurance Company
--------------------------------------------------------------------------------
4. ODIN Finland 344,251 4.26
--------------------------------------------------------------------------------
5. Veritas Pension Insurance Company 220,000 2.72
--------------------------------------------------------------------------------
6. Ilmarinen Mutual Pension 215,419 2.66
Insurance Company
--------------------------------------------------------------------------------
7. Keva 197,754 2.44
--------------------------------------------------------------------------------
8. OP-Finland Small Firm Fund 151,197 1.87
--------------------------------------------------------------------------------
9. Mutual Fund Tapiola Finland 136,395 1.69
--------------------------------------------------------------------------------
10. Mutual Fund Nordea Finland Small 103,819 1.28
Cap
--------------------------------------------------------------------------------
Total 3,902,832 48.24
--------------------------------------------------------------------------------
Nominee-registered and 1,762,698 21.79
non-Finnish holders
--------------------------------------------------------------------------------
Others 2,424,080 29.97
--------------------------------------------------------------------------------
Total 8,089,610 100.00
--------------------------------------------------------------------------------
Share trading and the company's market capitalisation
In January-September 2014, a total of 517,892 Marimekko shares were traded,
representing 6.4 percent of the shares outstanding. The total value of
Marimekko's share turnover was EUR 5,117,355. The lowest price of the Marimekko
share was EUR 9.13, the highest was EUR 10.50 and the average price was EUR
9.88. At the end of September, the closing price of the share was EUR 9.75. The
company's market capitalisation on 30 September 2014 was EUR 78,873,698
(85,426,282).
Authorisations
At the end of the period, the Board of Directors had no valid authorisations to
carry out share issues or issue convertible bonds or bonds with warrants, or to
acquire or surrender Marimekko shares.
MAJOR RISKS AND FACTORS OF UNCERTAINTY
The key strategic risks for the near future are associated with overall
economic trends and the consequent uncertainty in the operating environment,
the management of the company's expansion as well as the digitisation of
retail.
Marimekko products are sold in approximately 40 countries. The key markets are
North America, Northern Europe and the Asia-Pacific region. There are Marimekko
stores in 15 countries. In addition to Finland, Marimekko has company-owned
stores in other Nordic countries, Germany, the United Kingdom, the United
States and Australia. The global economic cycle and factors of uncertainty
affect consumers' purchasing behaviour and buying power in all of the company's
market areas. The downturn in economic conditions, which started from the
severe problems of the international financial markets, continues to dampen the
prospects for retail as well as Marimekko's prospects for growth and earnings.
Marimekko is undergoing a phase of extensive internationalisation and change.
The distribution of products is being expanded in all key market areas. Growth
is based on opening retailer-owned Marimekko stores and shop-in-shops as well
as on setting up company-owned stores and expanding e-commerce. In recent
years, expansion has called for larger or brand-new country organisations,
which exerts a drag on the cost-effectiveness of the company. Expanding the
network of company-owned stores and building international e-commerce have
increased the company's investments, lease liabilities of store premises and
inventories as well as the company's fixed costs. It also follows from this
that a larger portion of Group net sales comes from sales by the company's own
retail stores, which has increased the seasonality of the business as well as
dependence on the success of new company-owned stores and has shifted the bulk
of net sales and profit accumulation to the last quarter, thus having a
negative impact on profitability in the first half of the year. Furthermore,
partnerships and the choice of partners in the company's key market areas also
involve risks.
The company's ability to design, develop and commercialise new products that
meet consumers' expectations while maintaining profitable in-house production,
sustainable sourcing and effective logistics has an impact on the company's
sales and profitability. Moreover, intellectual property rights play a vital
role in the company's success and the company's ability to manage these rights
may have an impact on the company's value.
The company's operational risks prominently include those related to the
management and success of expansion projects, the operational reliability of
procurement and logistics processes, and changes in the prices of raw materials
and other procurement items. As a result of new products, the share of in-house
production has diminished, and the company uses subcontractors for its
manufacturing to an increasing extent. Therefore, the company's dependence on
the supply chain has increased. Any delays or disturbances in supply, or
fluctuations in the quality of products, may have a momentary harmful impact on
business. As the operations are being expanded and diversified, risks related
to the management of inventories also increase.
Among the company's economic risks, those related to the structure of sales,
increased investments, price trends for factors of production, changes in cost
structure, increased operational costs, customers' liquidity, and changes in
exchange rates (particularly the US dollar, Swedish krona and Australian
dollar) may have an impact on the company's financial status.
MARKET OUTLOOK AND GROWTH TARGETS IN 2014
Overall uncertainty in the global economy is forecast to continue, and this may
impact consumers' purchasing behaviour in all of Marimekko's market areas.
The Asia-Pacific region was the driving force in Marimekko's sales growth in
2013 and the company still sees growing demand for its products in this market
area. There are 28 retailer-owned Marimekko stores in Japan and the company's
wholesale sales to Japan have been growing for several successive years.
However, the rise of the euro against the yen and an increase in sales tax in
Japan in April 2014 had a negative impact on Marimekko's wholesale sales in
Japan in the second and third quarters, and this is forecast to continue during
the final quarter of the year.
The business conditions for the retail market have continued to be challenging.
However, the relative trend in Marimekko's retail sales especially in Finland
has improved as forecast since the beginning of the third quarter due to the
low level of sales in the comparison period. Low confidence in the retail trade
trend and consumers' weaker purchasing power overshadow expectations for sales
in the closing months of the year and are reflected in retailers' caution as
they replenish their stocks.
Wholesale sales by Marimekko in the second half of the year are boosted by
nonrecurring promotional deliveries in Finland. The Banana Republic Marimekko
Collection for summer 2014 will boost Marimekko's royalty earnings in the final
quarter of the year.
In 2014, the main thrust in expansion is on openings of retailer-owned
Marimekko stores. The number of new stores has been confirmed as 19, 10 of
which are in the Asia-Pacific region. Four of the stores opened this year are
company-owned stores. Furthermore, the company will concentrate on developing
the operations of company-owned stores opened in recent years and on improving
the overall profitability of business.
The planned total investments for 2014 of the Marimekko Group are estimated at
roughly EUR 3 million. The majority of investments will be directed at building
new store premises and purchasing new furniture.
FINANCIAL GUIDANCE FOR 2014
Guidance for 2014 amended on 21 October 2014: On the basis of general market
prospects, the company's growth targets and the agreed reorganisations, the net
sales of the Marimekko Group in 2014 are forecast to be approximately at the
same level as in 2013. Operating profit excluding nonrecurring items is
estimated at EUR 4-8 million.
In its interim report for the January-June period, issued on 14 August 2014,
Marimekko estimated that the Group's full-year net sales would grow by 3-8
percent on 2013 and that operating profit excluding nonrecurring items would be
EUR 4-8 million.
Helsinki, 6 November 2014
MARIMEKKO CORPORATION
Board of Directors
INTERIM REPORT 1 JANUARY - 30 SEPTEMBER 2014, TABLE SECTION
The information presented in the interim report has not been audited. There may
be differences in totals due to rounding to the nearest thousand euros.
APPENDICES
Accounting principles
Formulas for key figures
Consolidated income statement and comprehensive consolidated income statement
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in shareholders' equity
Key figures
Segment information
Net sales by market area
Net sales by product line
Quarterly trend in net sales and earnings
ACCOUNTING PRINCIPLES
This interim report was prepared in accordance with IAS 34. The same accounting
principles were applied as in the 2013 financial statements, although at the
start of the financial year the company adopted certain new and amended IFRS
standards as described in the financial statements for 2013. The adoption of
new and updated standards has had no effect on the figures stated during the
period under review.
FORMULAS FOR KEY FIGURES
Earnings per share (EPS), EUR:
(Profit before taxes - income taxes) / Number of shares (average for the
financial year)
Equity per share, EUR:
Shareholders' equity / Number of shares, 30 September
Return on equity (ROE), %:
(Profit before taxes - income taxes) X 100 / Shareholders' equity (average for
the financial year)
Return on investment (ROI), %:
(Profit before taxes + interest and other financial expenses) X 100 / (Balance
sheet total - non-interest-bearing liabilities (average for the financial
year))
Equity ratio, %:
Shareholders' equity X 100 / (Balance sheet total - advances received)
Gearing, %:
Interest-bearing net debt X 100 / Shareholders' equity
Net working capital:
Inventories + trade and other receivables + current tax assets - trade and
other payables - current tax liability
CONSOLIDATED INCOME STATEMENT
(EUR 1,000) 7-9/20 7-9/20 1-9/201 1-9/201 1-12/20
14 13 4 3 13
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NET SALES 26,811 24,875 68,061 68,542 94,007
--------------------------------------------------------------------------------
Other operating income 51 79 162 191 246
--------------------------------------------------------------------------------
Increase or decrease in inventories -395 240 336 1,208 527
of completed and unfinished products
--------------------------------------------------------------------------------
Raw materials and consumables -9,199 -9,522 -24,383 -26,009 -33,547
--------------------------------------------------------------------------------
Employee benefit expenses -5,555 -5,590 -18,724 -20,351 -27,059
--------------------------------------------------------------------------------
Depreciation and impairments -1,050 -1,117 -3,208 -3,607 -6,772
--------------------------------------------------------------------------------
Other operating expenses -5,788 -5,871 -18,597 -19,327 -27,320
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
OPERATING PROFIT 4,875 3,093 3,646 645 82
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Financial income 328 -6 374 40 67
--------------------------------------------------------------------------------
Financial expenses -100 -204 -261 -594 -953
--------------------------------------------------------------------------------
228 -210 113 -554 -886
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
RESULT BEFORE TAXES 5,103 2,883 3,759 91 -804
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Income taxes -1,101 -1,089 -895 -501 -151
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NET RESULT FOR THE PERIOD 4,002 1,794 2,864 -410 -955
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Distribution of net result to equity 4,002 1,794 2,864 -410 -955
holders of the parent company
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Basic and diluted earnings per share 0.49 0.22 0.35 -0.05 -0.12
calculated on the result
attributable to equity holders of
the parent company, EUR
--------------------------------------------------------------------------------
COMPREHENSIVE CONSOLIDATED INCOME STATEMENT
(EUR 1,000) 7-9/20 7-9/20 1-9/20 1-9/20 1-12/2
14 13 14 13 013
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net result for the period 4,002 1,794 2,864 -410 -955
--------------------------------------------------------------------------------
Items that could be reclassified to
profit or loss at a future point in
time
--------------------------------------------------------------------------------
Change in translation difference -176 90 -185 128 -30
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
COMPREHENSIVE RESULT FOR THE PERIOD 3,826 1,884 2,679 -282 -985
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Distribution of net result to equity 3,826 1,884 2,679 -282 -985
holders of the parent company
--------------------------------------------------------------------------------
CONSOLIDATED BALANCE SHEET
(EUR 1,000) 30.9.2014 30.9.2013 31.12.2013
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
ASSETS
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NON-CURRENT ASSETS
--------------------------------------------------------------------------------
Intangible assets 1,469 2,238 1,976
--------------------------------------------------------------------------------
Tangible assets* 17,187 20,670 18,245
--------------------------------------------------------------------------------
Available-for-sale financial assets 16 16 16
--------------------------------------------------------------------------------
18,672 22,924 20,237
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CURRENT ASSETS
--------------------------------------------------------------------------------
Inventories 18,423 18,867 18,106
--------------------------------------------------------------------------------
Trade and other receivables 8,967 8,481 6,622
--------------------------------------------------------------------------------
Current tax assets - 86 682
--------------------------------------------------------------------------------
Cash and cash equivalents 2,706 3,438 3,001
--------------------------------------------------------------------------------
30,096 30,872 28,411
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
ASSETS, TOTAL 48,768 53,796 48,648
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
SHAREHOLDERS' EQUITY AND LIABILITIES
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE
PARENT COMPANY
--------------------------------------------------------------------------------
Share capital 8,040 8,040 8,040
--------------------------------------------------------------------------------
Invested non-restricted equity reserve 502 502 502
--------------------------------------------------------------------------------
Translation differences -223 120 -38
--------------------------------------------------------------------------------
Retained earnings 19,327 19,030 18,485
--------------------------------------------------------------------------------
Shareholders' equity, total 27,646 27,692 26,989
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NON-CURRENT LIABILITIES
--------------------------------------------------------------------------------
Deferred tax liabilities 60 18 11
--------------------------------------------------------------------------------
Provisions 190 101 101
--------------------------------------------------------------------------------
Financial liabilities 4,943 7,206 8,234
--------------------------------------------------------------------------------
Finance lease liabilities 3,276 3,270 3,252
--------------------------------------------------------------------------------
8,469 10,594 11,598
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CURRENT LIABILITIES
--------------------------------------------------------------------------------
Trade and other payables 9,071 9,439 9,989
--------------------------------------------------------------------------------
Current tax liabilities 418 - -
--------------------------------------------------------------------------------
Financial liabilities 3,000 6,000 -
--------------------------------------------------------------------------------
Finance lease liabilities 164 71 72
--------------------------------------------------------------------------------
12,654 15,510 10,061
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Liabilities, total 21,122 26,104 21,659
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
SHAREHOLDERS' EQUITY AND LIABILITIES, TOTAL 48,768 53,796 48,648
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
* At the end of the review period, tangible assets included assets acquired
under finance lease agreements in the amount of EUR 3,312 thousand (30
September 2013: 3,259; 31 December 2013: 3,229).
The Group has no liabilities resulting from derivative contracts, and there are
no outstanding guarantees or any other contingent liabilities which have been
granted on behalf of the management of the company or its shareholders.
CONSOLIDATED CASH FLOW STATEMENT
(EUR 1,000) 1-9/201 1-9/201 1-12/201
4 3 3
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CASH FLOW FROM OPERATING ACTIVITIES
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net result for the period 2,864 -410 -955
--------------------------------------------------------------------------------
Adjustments
--------------------------------------------------------------------------------
Depreciation and impairments 3,208 3,607 6,772
--------------------------------------------------------------------------------
Other non-cash transactions 89 101 101
--------------------------------------------------------------------------------
Financial income and expenses -113 554 886
--------------------------------------------------------------------------------
Taxes 895 501 151
--------------------------------------------------------------------------------
Cash flow before change in working capital 6,943 4,353 6,954
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Change in working capital -2,764 -3,078 -1,667
--------------------------------------------------------------------------------
Increase (-) / decrease (+) in current -1,811 -491 81
non-interest-bearing trade receivables
--------------------------------------------------------------------------------
Increase (-) / decrease (+) in inventories -317 80 396
--------------------------------------------------------------------------------
Increase (+) / decrease (-) in current -636 -2,667 -2,144
non-interest-bearing liabilities
--------------------------------------------------------------------------------
Cash flow from operating activities before financial 4,179 1,275 5,288
items and taxes
--------------------------------------------------------------------------------
Paid interest and payments on other financial -260 -217 -353
expenses
--------------------------------------------------------------------------------
Interest received 23 40 67
--------------------------------------------------------------------------------
Taxes paid -397 -703 422
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CASH FLOW FROM OPERATING ACTIVITIES 3,545 393 5,424
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CASH FLOW FROM INVESTING ACTIVITIES
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Investments in tangible and intangible assets -1,424 -1,876 -2,353
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CASH FLOW FROM INVESTING ACTIVITIES -1,424 -1,876 -2,353
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CASH FLOW FROM FINANCING ACTIVITIES
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Short-term loans drawn 3,000 6,000 -
--------------------------------------------------------------------------------
Long-term loans paid -3,291 -2,111 -1,083
--------------------------------------------------------------------------------
Finance lease liabilities paid -102 -52 -69
--------------------------------------------------------------------------------
Dividends paid -2,022 -2,022 -2,022
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CASH FLOW FROM FINANCING ACTIVITIES -2,415 1,815 -3,175
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Change in cash and cash equivalents -295 332 -105
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Cash and cash equivalents at the beginning of the 3,001 3,106 3,106
period
--------------------------------------------------------------------------------
Cash and cash equivalents at the end of the period 2,706 3,438 3,001
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
(EUR 1,000) Equity attributable to equity holders of the parent company
--------------------------------------------------------------------------------
Share Invested Translation Retained Shareholde
capita non-restricted differences earnings rs'
l equity reserve equity,
total
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareholders' 8,040 502 -8 21,462 29,996
equity
1 January 2013
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Comprehensive
result
--------------------------------------------------------------------------------
Net result for the -410 -410
period
--------------------------------------------------------------------------------
Translation 128 128
differences
--------------------------------------------------------------------------------
Total 128 -410 -282
comprehensive
result for the
period
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Transactions with
owners
--------------------------------------------------------------------------------
Dividends paid -2,022 -2,022
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareholders' 8,040 502 120 19,030 27,692
equity
30 September 2013
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareholders' 8,040 502 -38 18,485 26,989
equity
1 January 2014
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Comprehensive
result
--------------------------------------------------------------------------------
Net result for the 2,864 2,864
period
--------------------------------------------------------------------------------
Translation -185 -185
differences
--------------------------------------------------------------------------------
Total -185 2,864 2,679
comprehensive
result for the
period
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Transactions with
owners
--------------------------------------------------------------------------------
Dividends paid -2,022 -2,022
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareholders' 8,040 502 -223 19,327 27,646
equity
30 September 2014
--------------------------------------------------------------------------------
KEY FIGURES
1-9/2014 1-9/2013 Change, % 1-12/2013
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Earnings per share, EUR 0.35 -0.05 -0.12
--------------------------------------------------------------------------------
Equity per share, EUR 3.42 3.42 0 3.34
--------------------------------------------------------------------------------
Return on equity (ROE), % 14.0 -1.9 -3.4
--------------------------------------------------------------------------------
Return on investment (ROI), % 13.8 0.9 -1.1
--------------------------------------------------------------------------------
Equity ratio, % 56.8 51.5 55.5
--------------------------------------------------------------------------------
Gearing, % 31.4 47.3 31.7
--------------------------------------------------------------------------------
Gross investments, EUR 1,000 1,424* 1,876 -24 2,353
--------------------------------------------------------------------------------
Gross investments, % of net sales 2 3 3
--------------------------------------------------------------------------------
Contingent liabilities, EUR 1,000 35,041 39,372 -11 37,365
--------------------------------------------------------------------------------
Average personnel 473 531 -11 526
--------------------------------------------------------------------------------
Personnel at the end of the period 456 522 -13 502
--------------------------------------------------------------------------------
Number of shares at the end of the 8,089,610 8,089,610 8,089,610
period
--------------------------------------------------------------------------------
Number of shares outstanding, 8,089,610 8,089,610 8,089,610
average
--------------------------------------------------------------------------------
*Does not include machinery and equipment acquired under finance lease
agreements (EUR 219 thousand).
SEGMENT INFORMATION
(EUR 1,000) 1-9/2014 1-9/2013 Change, % 1-12/2013
------------------------------------------------------------
------------------------------------------------------------
Marimekko business
------------------------------------------------------------
Net sales 68,061 68,542 -1 94,007
------------------------------------------------------------
Operating profit 3,646 645 82
------------------------------------------------------------
Assets 48,768 53,796 -9 48,648
------------------------------------------------------------
NET SALES BY MARKET AREA
(EUR 1,000) 7-9/ 7-9/ Change, 1-9/ 1-9/ Change 1-12/
2014 2013 % 2014 2013 , 2013
%
--------------------------------------------------------------------------------
Finland 15,203 14,272 7 37,196 37,454 -1 52,159
--------------------------------------------------------------------------------
Retail sales 9,809 9,807 0 24,812 25,315 -2 35,107
--------------------------------------------------------------------------------
Wholesale sales 5,290 4,375 21 12,108 11,821 2 16,491
--------------------------------------------------------------------------------
Royalties 103 91 14 276 319 -13 562
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Scandinavia 2,365 2,259 5 6,248 5,858 7 8,152
--------------------------------------------------------------------------------
Retail sales 1,374 1,185 16 3,767 3,032 24 4,355
--------------------------------------------------------------------------------
Wholesale sales 990 1,073 -8 2,481 2,826 -12 3,796
--------------------------------------------------------------------------------
Royalties - - - - -
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
EMEA 2,080 2,010* 3 5,819 5,932* -2 7,702*
--------------------------------------------------------------------------------
Retail sales 379 324 17 1,096 954 15 1,408
--------------------------------------------------------------------------------
Wholesale sales 1,664 1,661* 0 4,611 4,903* -6 6,194*
--------------------------------------------------------------------------------
Royalties 37 25 50 111 75 49 100
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
North America 2,201 2,077 6 5,752 6,352 -9 8,534
--------------------------------------------------------------------------------
Retail sales 1,579 1,366 16 4,221 3,966 6 5,587
--------------------------------------------------------------------------------
Wholesale sales 552 609 -9 1,336 2,015 -34 2,511
--------------------------------------------------------------------------------
Royalties 70 101 -31 195 371 -47 436
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Asia-Pacific 4,963 4,258* 17 13,046 12,946* 1 17,460*
--------------------------------------------------------------------------------
Retail sales 530 489 9 1,546 1,496 3 2,300
--------------------------------------------------------------------------------
Wholesale sales 4,432 3,769* 18 11,496 11,448* 0 15,158*
--------------------------------------------------------------------------------
Royalties - - 5 2 157 2
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
International sales, 11,608 10,603 9 30,864 31,088 -1 41,848
total
--------------------------------------------------------------------------------
Retail sales 3,862 3,364 15 10,630 9,448 13 13,651
--------------------------------------------------------------------------------
Wholesale sales 7,638 7,113 7 19,923 21,192 -6 27,659
--------------------------------------------------------------------------------
Royalties 107 126 -15 311 448 -30 538
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total 26,811 24,875 8 68,061 68,542 -1 94,007
--------------------------------------------------------------------------------
Retail sales 13,672 13,170 4 35,442 34,763 2 48,757
--------------------------------------------------------------------------------
Wholesale sales 12,929 11,488 13 32,031 33,013 -3 44,150
--------------------------------------------------------------------------------
Royalties 211 217 -3 587 766 -23 1,100
--------------------------------------------------------------------------------
All figures in the table have been individually rounded to thousands of euros,
so there may be rounding differences in the totals.
* Previously reported comparison figures for net sales by market area have been
adjusted because the market area of Central and Southern Europe referred to in
Marimekko's financial disclosures has changed to EMEA (Europe and Middle East
Area).
NET SALES BY PRODUCT LINE
(EUR 1,000) 7-9/ 7-9/ Change, 1-9/ 1-9/ Change, 1-12/2014 2013 % 2014 2013 % 2013
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Fashion 10,031 9,162 9 26,665 25,488 5 33,979
----------------------------------------------------------------------------
Home 10,509 9,617 9 26,529 27,039 -2 38,577
----------------------------------------------------------------------------
Bags & accessories 6,271 6,095 3 14,867 16,015 -7 21,452
----------------------------------------------------------------------------
TOTAL 26,811 24,875 8 68,061 68,542 -1 94,007
----------------------------------------------------------------------------
QUARTERLY TREND IN NET SALES AND EARNINGS
(EUR 1,000) 7-9/2014 4-6/2014 1-3/2014 10-12/2013
-----------------------------------------------------------------
-----------------------------------------------------------------
Net sales 26,811 21,874 19,376 25,465
-----------------------------------------------------------------
Operating result 4,875 519 -1,748 -565
-----------------------------------------------------------------
Earnings per share, EUR 0.49 0.05 -0.19 -0.07
-----------------------------------------------------------------
-----------------------------------------------------------------
(EUR 1,000) 7-9/2013 4-6/2013 1-3/2013 10-12/2012
-----------------------------------------------------------------
-----------------------------------------------------------------
Net sales 24,875 22,957 20,710 25,748
-----------------------------------------------------------------
Operating result 3,093 -1,158 -1,290 13
-----------------------------------------------------------------
Earnings per share, EUR 0.22 -0.13 -0.14 -0.04
-----------------------------------------------------------------
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