This article first appeared on GuruFocus .
-
Net Sales (H1):Increased 2% to EUR 85.3 million.
-
Net Sales by Region (H1):Finland decreased 4%; APAC region increased 7%; other international markets increased 20%; total international sales increased 8%.
-
Brand Sales (H1):Totaled EUR 168.1 million, with 64% coming from outside the home market.
-
Comparable Operating Profit (Q2):Totaled EUR 5.1 million, equaling 11.7% of net sales.
-
Comparable Operating Profit (H1):Totaled EUR 10.4 million, equaling 12.2% of net sales.
-
Store Network:Six new stores opened in Asia and three pop-up stores converted to permanent stores in Q2; total of 183 physical stores globally.
-
APAC Store Count:Reached 102 stores in the region.
-
New Market Launches:Entered the Philippines with three shop-in-shops and Indonesia with two shop-in-shops.
-
2026 Outlook:Net sales expected to grow; comparable operating profit margin estimated at approximately 16%-19%.
-
Medium-Term Financial Goals:Aim for annual net sales growth of 10% and comparable operating profit margin of 20%.
Release Date: August 13, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
-
International net sales grew by 7% in Q2, with retail sales increasing in all international market areas.
-
APAC region net sales strengthened by 7% in H1, driven by strong retail sales growth of 43% in Q2.
-
Opened six new stores in Asia and converted three pop-ups to permanent stores, expanding omnichannel network to 183 stores globally.
-
Launched in new markets (Philippines and Indonesia) to reinforce presence in Southeast Asia.
-
Upgraded 2026 licensing income outlook to grow from previous year, and reiterated net sales growth guidance with comparable operating profit margin of 16%-19%.
Negative Points
-
Comparable operating profit in Q2 declined to EUR 5.1 million (11.7% of net sales) due to increased fixed costs and lower net sales.
-
Finland net sales decreased by 4% in H1 due to weak consumer confidence and price-sensitive environment.
-
Fixed costs increased in Q2 and H1 due to higher personal expenses from general pay increases and significant marketing cost growth.
-
Uncertainties from geopolitics, trade tensions, and the war in Ukraine could negatively impact consumer confidence and supply chains.
-
Early commitments to product orders from suppliers weaken ability to optimize orders and respond to rapid demand changes, increasing business risk.
Q & A Highlights
Q: What are the key drivers behind the new medium-term financial goals, and what building blocks will help achieve the 10% sales growth target? A: Elina Anckar (CFO) explained that the strategy remains unchanged, with growth driven by omnichannel retail (own and partner-led stores), international expansion with Asia as the growth-driving region, market share gains in Finland, wholesale channels, licensing opportunities, and potential new product groups. Tiina Alahuhta-Kasko (CEO) added that despite macro uncertainties, the company is proud of its progress in scaling strategy and believes its strong financial position allows continued investments to reinforce long-term competitiveness.
Q: How does Marimekko plan to achieve the 10% growth target given that sales growth has been less than 10% over the past three years? A: Tiina Alahuhta-Kasko (CEO) acknowledged that geopolitical tensions and trade policy uncertainties have impacted consumer confidence, especially in Finland. However, she emphasized that the company has developed well despite these challenges, and the continued positive development paired with a strong financial position provides an excellent foundation to make investments that strengthen competitiveness in the long term.
Q: Can you walk us through the North American sales performance, with retail sales developing well but wholesale sales being down? A: Tiina Alahuhta-Kasko (CEO) noted that omnichannel retail sales in North America increased by 8% in Q2, reflecting the success of long-term efforts. Regarding wholesale, she explained that fluctuations between quarters are typical due to the ordering rhythm of wholesale clients, and highlighted that wholesale sales actually showed nice growth in North America for the first half of the year.
Q: How much of the APAC growth came from new market openings versus existing operations? A: Tiina Alahuhta-Kasko (CEO) reported that APAC net sales grew 16% in Q2, driven by strong retail sales growth of 43% and wholesale growth of 6%. The new Philippines launch (three shop-in-shops) represents small initial steps for long-term learning. She emphasized satisfaction with both retail and wholesale performance in the APAC region despite global volatilities.
Q: What has changed to upgrade the licensing income outlook for 2026? A: Tiina Alahuhta-Kasko (CEO) provided a concise response, stating that the outlook for licensing income in 2026 has improved, without elaborating on specific factors driving the upgrade.
Q: How will digital, data, and AI play a bigger role in making Marimekko more agile, especially with expansion in Asia? A: Tiina Alahuhta-Kasko (CEO) emphasized that challenging market conditions require more creativity and agility, with AI and new technologies providing better tools for efficiency and growth acceleration. She noted that online shopping ecosystems vary across Asian markets (e.g., Tmall and JD.com in China, different platforms in Korea), requiring market-specific approaches and boots-on-the-ground thinking to serve target customers in relevant channels.
Q: Are the new Southeast Asia openings primarily brand-building opportunities or can they become meaningful sales contributors? A: Tiina Alahuhta-Kasko (CEO) explained that Marimekko already has a presence in Thailand, Singapore, Vietnam, and Malaysia. The Indonesia and Philippines launches are natural steps to gradually build brand stories in these markets, starting with learning from partners and reinforcing the Southeast Asia ecosystem over the long term.
Q: What gives you confidence in the Finnish market outlook for the full year, given the 4% decline in H1? A: Tiina Alahuhta-Kasko (CEO) cited positive signs from the Finnish export industry and a slight uptick in consumer confidence toward the end of Q2. Elina Anckar (CFO) noted the underlying weak trend has persisted for a long time. The CEO emphasized that non-recurring promotional deliveries in Finnish wholesale are expected to grow in 2026 and be weighted in the second half of the year.
Q: Could Marimekko consider a dedicated men's clothing line going forward? A: Tiina Alahuhta-Kasko (CEO) acknowledged increasing questions about this topic and said it's something to consider in the future. Currently, the Marimekko Kioski unisex line, accessories, and home decoration products attract male customers, but ready-to-wear collections remain firmly focused on women's wear due to the strategic need for clear focus.
Q: How confident are you in reaching the Finnish outlook even if the underlying market doesn't improve? A: Tiina Alahuhta-Kasko (CEO) stated that the market outlook is based on management's best estimates and judgments. She emphasized that Marimekko uses creativity not only in design and marketing but also to mitigate challenging market circumstances and find new agility in ways of working.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
