Kesko reports flat net sales, lower profit for 2023; proposes €1.02 dividend
Finnish retailer Kesko Oyj released its 2023 financial statements on January 30, 2024, showing net sales on par with the previous year but a 13% decrease in comparable operating profit. The company's board proposed a dividend of €1.02 per share.
Helsinki – Finnish retail group Kesko Oyj announced its 2023 financial statements on January 30, 2024. The company reported full-year net sales of €11,783.8 million, remaining flat compared to 2022. However, comparable operating profit decreased by 13% to €712.0 million, down from €815.1 million in the previous year.
The fourth quarter (October-December 2023) also saw a decline. Net sales for the quarter were €2,902.0 million, a 2.7% decrease year-on-year. Comparable operating profit fell to €170.5 million, compared to €192.6 million in the same period last year.
Kesko stated that all three of its business divisions – grocery trade, building and technical trade, and car trade – delivered good results in 2023 despite a challenging operating environment. The company highlighted that its strong profitability and financial position enable investments in growth.
The Board of Directors has proposed a dividend of €1.02 per share, totaling nearly €406 million, to be paid in four installments. For 2024, Kesko anticipates its comparable operating profit to range between €620–€720 million, expecting the operating environment to remain challenging.