FINLAND: Marimekko lowers FY operating profit forecasts
Finnish clothing brand Marimekko has warned it expects its full-year operating profit to be lower than expected on slow Christmas sales.
At the end of October, the company estimated that operating profits during the year would be double those posted in 2011. It now expects operating profit to be flat with last year.
It said Christmas sales in Marimekko's own stores in Finland and its other major markets have been noticeably slower than anticipated. Wholesale orders in Finland have also been lower than expected and its international store sales have been below expectations in recent months.
It added that its the giher costs of expanding internationally over the past few years have also hampered operating profit growth. However, it still expects net sales to grow 10% over the year.
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