Marimekko: Hits 7-month high on reinstated guidance

Marimekko Oyj

18/09/2020 09:07

** Shares in Marimekko  MMO1V.HE  jump 9% after the Finnish
fashion company has reinstated its FY 2020 guidance 
    ** Marimekko now expects 2020 net sales to be lower than in
the previous year, and comparable operating profit to be at
about same level as or lower than year before  urn:newsml:reuters.com:*:nFWN2GF009
    ** According to Inderes, reinstatement of the guidance
happened clearly earlier than anticipated, and was significantly
better than the brokerage's expectations
    ** If the company's operating profit reaches the upper end
of the guidance, the consensus forecast for this year would have
an almost 30% margin for increase, Inderes adds
    ** 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, and higher-than-estimated fixed cost savings, Marimekko
says
    ** It withdrew its previous guidance in March  urn:newsml:reuters.com:*:nFWN2BH1NQ

 ((joanna.wodzicka@tr.com, milla.nissi@tr.com))