Kesko Reports Increased Sales and Profit for 2019
Retail group Kesko Oyj announced improved financial results for 2019. The company's net sales reached €10.7 billion, with comparable operating profit at €461.6 million.
Finnish retailer Kesko Oyj has reported a significant increase in its financial performance for the fiscal year 2019. The group's net sales grew by 3.3% to €10.7 billion, up from €10.4 billion in the previous year. Comparable operating profit saw a substantial rise, increasing from €428.5 million to €461.6 million.
The company attributes this growth to the successful execution of its ongoing strategy focused on customer centricity. Kesko indicated that it expects both net sales and comparable operating profit for its continuing operations to surpass the previous 12-month levels in the upcoming period.
The Board of Directors has proposed a dividend of €2.52 per share. Additionally, a share split is proposed, where shareholders would receive three new A shares for each A share held and three new B shares for each B share held.
Effective from January 1, 2019, Kesko adopted the IFRS 16 Leases standard. This implementation has impacted the presentation of financial figures, including operating profit and capital employed, but has not affected the group's overall cash flow.