Kesko's Fourth-Quarter Profit Improves for First Time in Eight Quarters
Finnish retailer Kesko reported its fourth-quarter earnings improved for the first time in eight quarters, signaling a turnaround. The company anticipates a better financial outlook for 2025.
Helsinki – Finnish retail conglomerate Kesko Oyj announced its 2024 year-end financial results, revealing that its fourth-quarter profit improved sequentially for the first time in eight quarters. This marks a significant turnaround for the company amidst a challenging market environment.
In the fourth quarter of 2024 (October-December), group net sales reached €3,040.6 million, a 4.8% increase compared to the previous year. Comparable operating profit remained stable at €170.8 million, while reported operating profit decreased to €121.0 million from €159.8 million in the prior year.
For the full year 2024, net sales totaled €11,920.1 million, a 1.2% increase. However, comparable operating profit saw a decline to €650.1 million from €712.0 million in 2023. The Board of Directors has proposed a dividend of €0.90 per share.
Kesko projects an improved financial performance for 2025, despite anticipating continued market challenges. The company estimates its comparable operating profit to range between €640 million and €740 million. While the new car market is expected to remain subdued, the grocery trade, building and technical trade, and car trade divisions are anticipated to show positive developments.