Marimekko Oyj : TO WITHDRAW ITS FINANCIAL GUIDANCE PUBLISHED ON 13 FEBRUARY 2020

Marimekko Corporation, Inside Information, 25 March 2020 at 8.35 a.m.

MARIMEKKO TO WITHDRAW ITS FINANCIAL GUIDANCE PUBLISHED ON 13 FEBRUARY 2020

In its financial bulletin for 2019 published on 13 February 2020, Marimekko Corporation estimated that Marimekko Group’s net sales for 2020 would be higher than in the previous year and that the comparable operating profit would be approximately at the same level as or higher than the year before.

In its financial bulletin, Marimekko estimated that the coronavirus (COVID-19) epidemic may have an impact on consumers’ and partners’ purchasing behavior and thereby on the company’s sales and profitability.

The company now estimates that the coronavirus pandemic in Marimekko’s key markets has clearly weakened the consumer demand outlook in all market areas and it is unlikely that Marimekko’s earlier financial guidance is realised. If prolonged, the exceptional circumstance will have significant impacts in the company’s sales and profitability.

Due solely to the estimated impacts of the coronavirus pandemic, Marimekko withdraws its financial guidance for 2020 published on 13 February 2020. As the situation evolves rapidly, it is not possible to give a precise estimate on the impact of the pandemic on the company’s business at the moment. Marimekko will publish a guidance for 2020 once a reliable estimate on the impacts can be made.

“We live in an exceptional circumstance today with the coronavirus spreading around the world. The health and well-being of our personnel and customers is our priority. While we operationally manage the daily evolving new situations, together with the entire personnel we determinedly continue building the future of our company, which still looks bright in the long term. Our strong balance sheet and sound financial situation will help us to confront this crisis, and I am confident that Marimekko will get through this as a strong company. Thanks to our long-term work, compared to our competitors we are in my view stronger than ever before,” says Tiina Alahuhta-Kasko, President and CEO.

Marimekko’s interim report for January-March period will be issued on Thursday 14 May at 8.00 a.m.

MARIMEKKO CORPORATION
Corporate Communications

Anna Tuominen
Tel. [phone]
[e-mail]


DISTRIBUTION:
Nasdaq Helsinki Ltd
Key media

Marimekko is a Finnish lifestyle design company renowned for its original prints and colours. The company’s product portfolio includes high-quality clothing, bags and accessories as well as home décor items ranging from textiles to tableware. When Marimekko was founded in 1951, its unparalleled printed fabrics gave it a strong and unique identity. Marimekko products are sold in about 40 countries. In 2019, brand sales of the products worldwide amounted to EUR 251 million and the company's net sales were EUR 125 million. Roughly 150 Marimekko stores serve customers around the globe. The key markets are Northern Europe, North America and the Asia-Pacific region. The Group employs about 450 people. The company’s share is quoted on Nasdaq Helsinki Ltd.www.marimekko.com 

© OMX, source OMX