Half Year 2026 Marimekko Oyj Earnings Call Transcript
Key Points
- International net sales grew by 7% in Q2, with retail sales increasing in all international market areas.
- APAC region net sales strengthened by 7% in H1, driven by strong retail sales growth of 43% in Q2.
- Opened six new stores in Asia and converted three pop-ups to permanent stores, expanding omnichannel network to 183 stores globally.
- Launched in new markets (Philippines and Indonesia) to reinforce presence in Southeast Asia.
- Upgraded 2026 licensing income outlook to grow from previous year, and reiterated net sales growth guidance with comparable operating profit margin of 16%-19%.
- Comparable operating profit in Q2 declined to EUR 5.1 million (11.7% of net sales) due to increased fixed costs and lower net sales.
- Finland net sales decreased by 4% in H1 due to weak consumer confidence and price-sensitive environment.
- Fixed costs increased in Q2 and H1 due to higher personal expenses from general pay increases and significant marketing cost growth.
- Uncertainties from geopolitics, trade tensions, and the war in Ukraine could negatively impact consumer confidence and supply chains.
- Early commitments to product orders from suppliers weaken ability to optimize orders and respond to rapid demand changes, increasing business risk.
Partly supported by non-recurring promotional deliveries. It is good to remember that despite the recent positive development of the Finnish export industry the consumer confidence in Finland is still at the weak level although it improved slightly towards the end of the second quarter which in itself is of course promising.
Then in total, our international net sales grew by 7%, as retail sales increased in all international market areas. Moving on to the first half of the year, our net sales increased by 2% to EUR 85.3 million, being boosted in particular by the growth in retail sales in the APAC region and other international market areas. In Finland, our net sales decreased by 4%, due the retail sales declining in this price-sensitive and tactical operating environment. But again, on the other hand, our wholesale sales in Finland increased, partly supported by domestic non-recurring promotional deliveries. In our second-largest market area, the APAC region, our net sales
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