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Provider: Reuters Investment Profile
Provider: Wright Reports
Provider: Wright Reports

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Marimekko Oyj to Close Production Plants in Kitee and Sulkava and to Lay Off Employees, Company Comments on FY 2013 Operating Profit Guidance

Thursday, 16 May 2013 02:30am EDT 

Marimekko Oyj announced that the statutory employer-employee negotiations, initiated in March 2013 on potential permanent staff reductions concerning the personnel of its manufacturing operations and the adjacent factory outlets located in Sulkava and Kitee, Finland, have been completed. As a result of the negotiations, Marimekko is to close its production plants in Kitee and Sulkava and their adjacent factory outlets, which will lead to the termination of 60 jobs in all. Marimekko is currently negotiating to lease new store premises. If suitable premises are found, the Company may be able to employ some of the personnel that are now made redundant. Employment possibilities related to production are also explored. The reductions in staffing and other actions are expected to bring an approximate total of EUR 1.0 million in annual cost savings. The arrangements are estimated to incur nonrecurring costs in the amount of around EUR 1.0 million in the second quarter of 2013. Due to the costs arising from the negotiations, Marimekko revises its estimate for the 2013 operating profit (EBIT), to be, at the most, at the same level as in 2012. The estimate for 2013 net sales (revenue) remains unchanged to grow by over 5% compared to 2012. For 2012, the Company reported EBIT of EUR 2.02 million and revenue of EUR 88.47 million. According to I/B/E/S Estimates, analysts on average are expecting the Company to report revenue of EUR 95.68 million and EBIT of EUR 1.92 million for 2013. 

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