Finnish retailer Kesko said today (24 July) that its second-quarter profits halved as consumers reigned in spending due to the economic downturn.


Second-quarter operating profit fell 50% to EUR42.7m (US$60.7m), despite an EUR6.3m one-time gain from property divestments.


“The smaller year-on-year operating profit … is due to a weakened demand in the building and home improvement trade, the car and machinery trade, and the home and speciality goods trade,” Kesko said.


Kesko said pre-tax profit plummeted to EUR38m, down from EUR81m in the year-ago period.


April-to-June net sales fell 16% to EUR2.1bn, down from EUR2.5bn last year.

GlobalData Strategic Intelligence

US Tariffs are shifting - will you react or anticipate?

Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.

By GlobalData

“As a result of the weakening of the real economy, the outlook for the near future remains uncertain,” Kesko said.


Retaining its full-year outlook, Kesko added it expected its full-year sales and operating profit excluding one-offs to be below those seen last year.

Just Food Excellence Awards - Have you nominated?

Nominations are now open for the prestigious Just Food Excellence Awards - one of the industry's most recognised programmes celebrating innovation, leadership, and impact. This is your chance to showcase your achievements, highlight industry advancements, and gain global recognition. Don't miss the opportunity to be honoured among the best - submit your nomination today!

Nominate Now