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October 24, 2013

FINLAND: Cost savings boost Kesko Q3

Finland-based retailer Kesko has booked an increase in third-quarter earnings from its food stores, boosted by cost savings.

Finland-based retailer Kesko has booked an increase in third-quarter earnings from its food stores, boosted by cost savings.

In the period to the end of September, operating profit reached EUR56.5m (US$77.9m) from EUR49.4m a year earlier. The company put the improvement down to savings and a EUR0.4m gains on the disposal of properties.

Profit margin was up at 5.1% compared to 4.6% in the prior year period. Sales amounted to EUR1.09bn, a 1.6% increase on last year.

During the period, Kesko opened a K-ruoka store in St. Petersburg. The retailer said it will open one new food store during the rest of 2013 in Russia, adding to the existing three.

Kesko’s current store count stands at 178.

Click here to view the full earnings release.

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