The revamp of Kesko’s food stores hit first-half earnings from the company’s grocery business, the Finland-based conglomerate said today (22 July).
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Underlying operating profit from Kesko’s food division tumbled 20% to EUR56.1m (US$89.2m) as store renovation gathered apace. Sales, meanwhile, rose 5.3%.
The fall in earnings came as the company’s group first-half earnings dropped 22% to EUR117.7m due also in part to the simultaneous revamp of Rautakesko, Kesko’s home improvement stores.
Group net sales up 6.5% to EUR4.8bn.
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