Finnish retailer Kesko today (26 October) posted an almost 40% jump in operating profit from its food division during the third quarter of the year.
For the quarter ended 30 September, operating profit excluding non-recurring items in its food division reached EUR49.5m (US$68.9m), a rise of 39.8% on the year.
The division’s sales grew 2.1% to EUR986m; grocery sales in its K-food stores increased by 3.8%.
Kesko’s total operating profit excluding non-recurring items was EUR88.7m, up from EUR 47.6m a year earlier.
Net sales were up 4.6% on the same quarter of last year to EUR2.3bn, driven by growth in its food, building and home improvement and car and machinery trade divisions.