Marimekko falls after Q1 profit miss

Marimekko Oyj

16/05/2023 09:37

** Shares in Marimekko  MEKKO.HE  fall more than 9% after
the Finnish fashion company reported Q1 sales and earnings below
expectations 
    ** The company's net sales decreased 2% to EUR 35.3 million 
($38.86 million), below consensus of EUR 34.4 million, according
to Inderes
    ** It said decrease in net sales was due to a decline in
Finnish wholesale sales and lower licensing income in EMEA
    ** EBIT fell 43% to EUR 3.8 million vs consensus
expectations of EUR 4.3 million, due lower sales margin, mainly
weakened by lower licensing income, and an increase in fixed
costs, the company said
    ** The stock is among bottom performers of Helsinki
all-share Index  .OMXHPI  and if losses hold, it will see its
worst day in nearly nine months


($1 = 0.9084 euros)

 (Reporting by Elviira Luoma)
 ((Elviira.luoma@thomsonreuters.com))