Good afternoon, ladies and gentlemen. My name is Anna Tuominen. I'm the IRO of Marimekko, and it is my pleasure to welcome you to our Q1 webcast. With me, I have our President and CEO, Tiina Alahuhta-Kasko, who will shortly go through our first quarter results. After that, we've reserved some time for your questions, and I would like to take this moment to remind you about the chat function. You can use that to ask your questions already during the presentation. Without further ado, Tiina, please go ahead. Thank you, Anna, and good afternoon, everyone, also on my behalf. It's my pleasure to walk you through our interim report for the first months of the year. How did we do? In the first quarter, Marimekko's business developed as estimated. We estimated already in conjunction of our financial statements that our net sales in the first quarter would be lower than in the record comparison year due to the weaker outlook at the beginning of the year for the wholesale sales in Finland, as well as lower licensing income. Our net sales ended up decreasing 2% and landed at EUR 35.3 million. On the other hand, our net sales were supported by increased retail sales in Finland, really demonstrating the continued appeal and desirability of our brand and growing international wholesale sales. Net sales in Finland were lowered by 3% when the weak and general consumer demand decreased domestic wholesale sales. However, the international sales were almost on a par with the comparison period, despite the lower licensing income, especially in the EMEA region. Altogether, our comparable operating profit totaled EUR 3.8 million, equaling to 10.9% of net sales, which is quite a solid outcome for the first quarter in this seasonal business. Our operating profit was decreased especially by lower relative sales margin, mainly weakened by lower licensing income and an increase in fixed cost compared to the same period the previous year. As Marimekko has a strong financial position, this enables us to make continued investments in our long-term competitiveness and growth, despite the weaker general macro situation. In spite of the expected fluctuation between the quarters, the full year net sales are estimated to grow both in Finland and internationally. Let's have a closer look in terms of the different drivers. First, summarizing the net sales, which decreased 2%. Again, the net sales were decreased due to the decline in the Finnish wholesale sales and lower licensing income in the EMEA region. Our actions to control gray export weakened the wholesale sales as well in the EMEA region. What was positive was that our retail sales continued to perform well also in Finland and we saw growth in international wholesale sales. Our omnichannel retail sales increased as sales both in our physical stores as well as our online stores grew. In total, the omnichannel retail sales grew by 9%. When we look at our company's second biggest market, the Asia-Pacific region, we saw a total growth of 16% when both wholesale and retail sales increased. What is also good to remember is that in the comparison period, the wholesale sales in the APAC region were boosted by some of the wholesale deliveries in the last quarter of 2021 being transferred to the first quarter of 2022. When we look at the breakdown of our net sales in terms of market areas and product line, we don't see really any major differences. Still, in terms of the net sales, Finland continues to be the biggest market with Asia-Pacific following with 24% of our net sales. When it comes to the net sales by product line, from clothing and bags and accessories, the sort of more fashion segment, around 57% of net sales come from those product lines. 43% come from our strong home product line. The Asia-Pacific region has today the greatest number of Marimekko stores. Our Marimekko online store serves customers already in 35 countries. In the first quarter, our brand sales decreased by -4% to EUR 84.5 million. Just as a reminder, the brand sales really represent the reach of the Marimekko brand through different distribution channels. It is an unofficial estimate of the sales of the Marimekko products at consumer prices, and it is calculated by adding together our own company-owned retail net sales and the estimated retail value of our products sold by other retailers, so wholesalers or licensing partners. When we look at our profitability, our comparable operating profit was below the record high comparison period. It landed at EUR 3.8 million and was 10.9% of net sales. What were then some of the key drivers behind? The operating profit was decreased especially by a lower relative sales margin, which was mainly weakened by the lower licensing income and an increase in fixed cost compared to the previous year. The product margins stayed at a healthy level, which is of course, very positive. Our fixed cost grew because of especially by increased personnel costs in our stores to support our retail sales growth, as well as investments in the building blocks of our international growth, which increased, for example, personnel and IT costs. Looking at some of the highlights of the first quarter. To get going, many of you might remember that brand collaborations are a very important tool for Marimekko to increase our global awareness and this way support our growth strategy. We were very proud to launch in March in IKEA stores worldwide, a limited edition collection that combined Nordic design, sauna culture and well-being. This collaboration collection with IKEA was very enthusiastically received. Also in the first quarter, we brought to market with adidas the fifth limited edition collaboration collection that really marries together Marimekko's art of printmaking with adidas wide-ranging expertise in sports clothing, footwear, and apparel. Naturally, the biggest value add in the brand collaboration has to do with the global visibility, awareness, new customer acquisition, but brand collaborations also typically generate licensing income to Marimekko. At the beginning of the year, at Marimekko, we started a new strategy period, where we will be focusing on scaling our growth and business in the upcoming years, especially in international markets, with Asia representing the most important geographical region for our future international growth. What this will mean is that in the in the upcoming years, for example, we will be further developing the omnichannel retail network of Marimekko stores in Asia. During the first quarter of 2023, two new beautiful Marimekko stores were opened in Beijing in mainland China. We also expanded our e-commerce activities in China to another online sales platform. In addition, two pop-up stores in Japan and one in Taiwan were opened. It is good to remember that even in this digitalized world, inspiring stores and creative retail concepts play an important role, not only as distribution channels, but also as hearts of our brand culture that support sales also in other channels. During the course of the first months of the year, we were also proud to present our spring and summer fashion collection in a fashion show in Thailand, which helped to further cultivate and grow the Marimekko phenomenon further. This event gathered a wide group of Marimekko fans, influencers, and press together, and the receive was very enthusiastic. If we look into the outlook for the remainder of 2023. To start with, of course, the uncertainties related to the general development of the global economy influence consumer confidence, purchasing power, and behavior, and therefore can have an impact on our business in 2023 especially in our important domestic market of Finland. It is also good to keep in mind that the different exceptional situations, such as Russia's war against Ukraine, may cause even significant disruptions in the production and logistic chain, and this way they may have a negative impact on our company's net sales profitability and cash flow. Naturally, however, we're closely monitoring the different situations, and we will be adjusting our operations and plans according to the circumstance if needed. If we look at, the net sales development outlook and focus on our two biggest markets, Finland and Asia-Pacific. Finland traditionally, of course, represents about half of our company's net sales, and we estimate our sales in Finland to grow on the previous year. What is to be noted is that the Finnish wholesale sales in 2023 will be positively affected by these kinds of non-recurring promotional deliveries, the total value of which is estimated to be substantially higher than the year before, and a vast majority of these deliveries will be taking place in the second half of the year. If we look into the Asia-Pacific, our second-largest market, playing a really important role in our international growth, we estimate the net sales in the Asia-Pacific region to increase in 2023, as we do also expect our total international sales to increase. Further, in 2023, our aim is to open approximately 10-15 new Marimekko stores and shop-in-shops, and most of these planned openings will be in Asia. We have now actually increased this estimate of new Marimekko store and shop-in-shop openings from the previous five to 10 to actually, 10-15 new planned stores and shop-in-shops. A few words about the seasonality. Already mentioned that, because of the seasonal nature of our business, the major portion of our company's euro-denominated net sales and operating results are traditionally generated during the second half of the year. For the full year, our licensing income is forecasted to be below our record level in 2022. A few words about the growth investments and costs. We of course, develop our business with a long-term view, and our objective is to scale our growth, especially in the international markets in the upcoming years. Therefore, in 2023, our fixed costs are expected to be up on the previous year, as well as our marketing expenses are also expected to grow. The general cost inflation does also continue to affect Marimekko in 2023. Our early commitment to product orders from supplier partners, which is typical and characteristic of our industry, means that changes in cost affect Marimekko with a delay. It is good to know that these kind of early commitments have been further emphasized by these exceptional situations, which weaken our ability to optimize our product orders and respond to rapid changes in demand and consumer behavior, which then also increases risks related to inventory management. Of course, also the domestic non-recurring promotional deliveries may also raise inventory risks. We work very actively to mitigate the negative impacts of disruptions in our production and logistics chains, as well as the increased costs and to enhance our inventory management. Of course, during the course of the past years, the pandemic years, we have accumulated a lot of good new ways of working in this type of mitigation. Finally, to the financial guidance for 2023. We reiterate our financial guidance, which is that we estimate the Marimekko Group net sales to grow from the previous year, and the comparable operating profit margin is estimated to be approximately some 16%-19%. What is good to remember is that the development of consumer confidence and purchasing power, the global supply chain disruptions, and the general inflation development, in particular, cause volatility to the outlook for 2023. At Marimekko, we firmly believe that the winning brands of tomorrow are created and determined during these more challenging macroeconomic times, and therefore, we, as Marimekko, determinedly continue building our brand phenomenon and our future and believe that the long-term future for our brand is bright and the Marimekko philosophy, which is all about empowering people and bringing joy to everyday life, is more meaningful than ever. I will end this update here. I believe we are ready for questions. Thank you, Tiina. Yes, there are already a few questions here, but if you have questions in mind, now would be a good time to type them in. The first question relates to the long-term financial target of net sales growth, 15% per annum or annual sales. Have you elaborated how that's divided between Finland and international sales? Yes. Of course, the 15% annual growth in net sales is a long-term financial target that we just announced in the latter half of last year. How we're going to reach it, we have elaborated and communicated that our growth will be especially focusing on the international markets, but at the same time, we want to take good care of our important strong home market and increase our market share here further. Direct-to-consumer omnichannel retail is the core of our distribution strategy. Regardless of whether the stores and the online stores are Marimekko company-owned or partner-owned, we are looking for further developing the operations and growth. Digital plays an important part of our future growth as well. These are some of the key drivers behind our strategy to increase our top line in the upcoming years. There's a follow-up question whether it's been elaborated between different product lines. Marimekko as a lifestyle company has announced that fashion is a spearhead in communication. Yes. That's correct. We have not actually elaborated more in detail from which product lines the... or how would be the split of the growth in the top line. However, what we have mentioned, as Anna well said, is that ready-to-wear is the communicational spearhead of the Marimekko brand. Why is that? It's because, of course, Marimekko Mari's dress, that's how the company started from a dress. But it is equally the spearhead because of the fact that we know that when we are a credible player and desirable in the fashion industry, in the international markets, it means that we're able to best leverage the entire lifestyle of Marimekko and the pricing and pricing power related. You mentioned the number of stores. There's a question related to the new store estimate of 10-15 openings. Is that a net figure, or are you also closing some stores? That is actually the number of the new openings, so new stores and new shop-in-shops. Naturally, a normal part of our business is to currently evaluate and manage actively the network of Marimekko stores. That's a normal part of our business. Sometimes, some stores may be closed when leases expire. Traffic patterns in cities are constantly evolving, and we continuously evaluate the relevance of the current locations. This is active management all the time. The 10-15 stores refers to the new Marimekko stores and shop-in-shops. There's a question related to why now? Why increase the number of estimated store openings at this point of the year? This is our best estimate now, and that has increased, as I already mentioned. As I mentioned in the presentation, the majority of these openings will be in Asia, as in many of the past years. I think this also connects very well with our scale strategy, where Asia really represents the most important geographical region for our future international growth. While we have already built our presence there successfully in the past years, there's still a lot of room to grow for Marimekko in this market, where the market environment is preferential for a brand like Marimekko, where we already know that our brand resonates with the local consumer and where we have found a good recipe in terms of the business model with the loose franchise partnerships. This is exactly according to the strategy, and we're very happy to now increase that planned new store opening number for this year. You mentioned that one of the reasons why net sales decreased in EMEA region was the measures taken to control gray exports. Are these expected to continue after Q1? Some of you might remember that, already for several years, we have been actively working on minimizing the negative impacts of gray exports or imports. The gray importing is an unfortunate phenomenon that brands that are increasing their international presence and international desirability are facing. We have already done a lot of efforts and actions on this field. Now, in the first quarter, we highlighted that the EMEA wholesale decreased because of these gray export management kind of activities, but we haven't lifted this as a key topic in our market outlook. EMEA is just one of the international regions. How do you see the international sales developing overall? Overall, as I mentioned, we estimate that Marimekko's net sales will increase both in Finland as well as internationally. Thank you, Tiina. That was all the questions. We thank you for taking the time to participate this webcast. Hope to see you next time in August. Thank you.