Finnish retail group Kesko reported a drop in full-year profits today (5 January) but said the sales performance of its food stores remained “steady” during the period.

For the year ended 31 December, the firm made a profit of EUR134m (US$182.4m), down 44.2% on the previous year.

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The group’s pre-tax profits in 2009 amounted to EUR216.6m compared to EUR288.5m in 2008.

Operating profit also dropped, falling 18.7% to EUR232.3m. Non-recurring items excluded, operating profit was EUR155.4m (EUR217m).

Net sales year were down 11.9% at EUR8.45bn, with revenues falling by 7.5% in Finland and by 28.1% abroad.

Exports and foreign operations accounted for 17.5% of net sales, down from 21.5% a year earlier.

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At Kesko’s food division, net sales were up 2.4% to EUR3.79bn.

During the same period, grocery sales in the firm’s K-food stores increased by 5.6%, adjusted for the change in VAT (4.7% incl. VAT).

K-food stores’ total retail sales for the period were EUR4.8bn.