Finnish design, clothing and textile firm Marimekko announced Thursday that its operating profit had doubled during the first quarter of 2019 compared to Q1 in 2018. Between January and March, the firm's operating profit rose to 2.6 million euros, a growth of than 1.2 million euros compared to the same period last year.
”The strong figures in the first quarter were driven by a change in the timing of wholesale deliveries and a favourable trend in Finnish retail sales,” Marimekko CEO and President Tiina Alahuhta-Kasko said in a press release.
Marimekko's net sales rose by 13 percent to 27.1 million euros during the first three months of the year. Net sales grew across all of its markets, with growth in Finland by 7 percent - and internationally by 18 percent.
The growth in net sales was generated primarily by wholesale sales in the Asia-Pacific region and Finnish retail sales, according to the company.
One of the drivers of growth, the firm said, was the expansion of its e-commerce presence which included investments in online sales in China. In February, Berlin-based online retailer Zalando began selling Marimekko products in Finland and China.
The positive news strengthened Marimekko's share price by 15 percent on the Helsinki Stock Exchange on Thursday morning..