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Mike Knowles



Strong Q2 growth at Kesko Group

Company's net sales slightly ahead of last year's figure during first six months of 2010 as consumer demand improves

Strong Q2 growth at Kesko Group

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Finnish retailer Kesko has posted net sales of €4.23bn for the first half of the 2010, an increase of 1.8 per cent compared with the same period of last year.

According to the company, net sales within its food division were up 1.4 per cent during the six months to €1.88bn, buoyed by a 3.3 per cent upturn in grocert sales through its K-food outlets.

Despite a downturn in prices overall, the group said steady net sales growth in the food trade had prompted its growth rate to increase during the second quarter of the year, to 6.4 per cent.

Kesko's second-quarter results included a dramatic increase in operating profit, from €39.8m in Q2 2009 to €99m.

Operating profit for April-June 2010 – excluding non-recurring items – rose from €36.4m in the year-earlier period to €78.1m.

A spokesperson for Kesko Group added that both net sales and operating profit were expected to grow during the next 12 months on the back of improved consumer demand.

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