Marimekko (MEKKO) Q4 2024 earnings summary

Executive summary

• Q4 2024 net sales reached a record EUR 54 million, up 7% year-over-year, with strong growth across all markets and improved operating profit.

• Full-year 2024 net sales rose 5% to EUR 182.6 million, driven by robust retail and international sales.

• Comparable operating profit for Q4 increased 12% to EUR 9.3 million (margin 17.1%); full-year comparable operating profit was EUR 31.9 million (17.5% margin).

• Board proposes a regular dividend of EUR 0.40 and an extraordinary dividend of EUR 0.25 per share for 2024.

• Retail sales growth, especially in Asia-Pacific and Scandinavia, offset lower wholesale in Finland and EMEA.

Financial highlights

• Q4 international sales up 13% year-over-year; domestic retail sales in Finland up 8%.

• Asia-Pacific net sales increased 11% in Q4, with retail sales up 25% and wholesale up 6%.

• Full-year omnichannel retail sales up 10%; wholesale sales flat year-over-year.

• Licensing income reached a new record, up 11% year-over-year.

• Comparable EPS for Q4 increased 19% to EUR 0.18; full-year comparable EPS up 3% to EUR 0.61.

Outlook and guidance

• Net sales for 2025 expected to grow, with comparable operating profit margin estimated at 16%-19%.

• International and Asia-Pacific sales projected to grow; Finland sales expected to remain flat.

• Licensing income in 2025 forecasted to be significantly below 2024's record level.

• Fixed and marketing costs expected to increase as part of growth investments and inflation.

• Plan to open 10-15 new stores, mostly in Asia.