Kesko Posts 9% Sales Increase In First Three Quarters
Finnish retail group Kesko has recorded sales of €8,058 million in the first nine months of the year, representing an increase of 8.7%.
Operating profit grew to €267.7 million and diluted earnings per share rose to €2.16.
Kesko says that during the most recent quarter, net sales grew in comparable terms across all its divisions.
The group's grocery business saw increased sales and improved profitability, with a strong performance across all of its food chains.
"The reworking of K-Food stores is well under way," said Kesko president and CEO Mikko Helander.
"The changes already made in K-Citymarkets have strengthened the chain's market position."
Helander added that the group also saw positive sales in its building and technical business, and its car trade.
Kesko says that, in comparable terms, net sales for the next 12 months are expected to exceed the level of the previous year. However, due to divestments and restructuring, the group's reported sales are expected to fall below the level of the previous 12 months.
"Kesko's financial position is very strong," added Helander.
"The implementation of our strategy towards becoming a more focused and unified Kesko and K Group is proceeding well."
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Sarah Harford. Click subscribe to sign up to ESM: The European Supermarket Magazine.