Marimekko slumps as weak international sales outweigh Q3 profit beat

Marimekko Oyj

03/11/2021 09:45

** Shares of Marimekko  MEKKO.HE  dive 6.6% after Q3
international sales of the Finnish fashion company fell 10% from
last year, overshadowing a beat in operating profits
 urn:newsml:reuters.com:*:nFWN2RT1TP
    ** International sales dropped to EUR 13.6 mln ($15.76 mln)
in the quarter from EUR 15.0 mln a year earlier
    ** "International growth is stalling," Inderes analyst Petri
Kajaani told Reuters -- "If the company is to be a global brand
and its long-term growth goals are based on international
growth, then it is a pretty big question mark if there is no
growth abroad." 
    ** Q3 comparable operating profit was EUR 13.3 mln versus
consensus estimate of EUR 10.1 mln according to Inderes
    ** The stock, which has gained 70% this year, is set for its
worst day since early August
    ** Marimekko is among worst performers on the Helsinki
all-share index  .OMXHPI 

($1 = 0.8632 euros)

 (Reporting by Milla Nissi)
 ((milla.nissi@tr.com))