Kesko Interim Report January 1 to September 30, 2022: Sales Growth Improved Profit



  • The Group’s turnover in July-September amounted to 3,009.8 ME (2,902.4 ME), up 3.4% on a comparable basis, published turnover increased by 3, 7%
  • Comparable operating income amounted to 242.8 ME (236.4 ME), up 6.4 ME
  • The operating result amounts to 242.4 ME (236.5 ME)
  • Comparable earnings per share E0.47 (E0.43)
  • Reported group earnings per share 0.47 E (0.43 E)


  • Group revenue for the January-September period amounted to 8,825.5 ME (8,429.9 ME), up 4.5% like-for-like, published revenue increased by 4.7%
  • Comparable operating profit amounted to 622.5 ME (572.0 ME), up 50.5 ME
  • The operating result amounts to 625.3 ME (570.3 ME)
  • Comparable earnings per share E1.18 (E1.03)
  • Reported group earnings per share E1.18 (E1.03)


7-9/2022 7-9/2021 1-9/2022 1-9/2021 1-12/2021
Net sales, millions of euros 3,009.8 2,902.4 8,825.5 8,429.9 11,300.2
Operating income, comparable, in millions of euros 242.8 236.4 622.5 572.0 775.5
Operating margin, comparable, % 8.1 8.1 7.1 6.8 6.9
Operating profit, million euros 242.4 236.5 625.3 570.3 775.2
Profit before tax, comparable, in millions of euros 231.7 219.3 584.7 522.5 710.4
Profit before tax, E million 231.3 220.0 583.9 523.7 712.9
Cash flow from operating activities, in millions of euros 318.8 381.2 652.2 882.8 1,152.0
Capital expenditure, millions of euros 89.9 69.1 340.7 196.0 276.6
Earnings per share, E, basic and diluted 0.47 0.43 1.18 1.03 1.44
Earnings per share, comparable, E, basic 0.47 0.43 1.18 1.03 1.43
1-9/2022 1-9/2021 1-12/2021
Return on capital employed, comparable, %, rolling 12 months 17.6 16.3 17.2
Return on equity, comparable, %, trailing 12 months 25.3 24.3 24.1

In this interim report release, the % comparable change in net sales has been calculated in local currencies and excludes the impact of acquisitions and disposals made in 2021 and 2022. Comparable operating income has been calculated by deducting the items affecting the comparability of reported operating income. .


Kesko Group forecasts are given for the year 2022, compared to the year 2021. Kesko estimates that its comparable operating profit in 2022 will be around 790 to 840 million euros. Previously, the company estimated comparable operating profit to be in the range of 750-840 million euros. In 2021, Kesko’s comparable operating income amounted to €775.5 million.


Kesko’s net sales and operating profit are expected to remain at a good level also in 2023 despite challenges in the company’s operating environment.

The grocery market is expected to remain broadly stable, partly supported by price inflation. Kesko is a powerful operator in all areas of the food trade. Consequently, the operating result should remain at a good level despite the increase in costs.

The construction market is expected to decline somewhat compared to 2022. Construction of new buildings is expected to decline, but renovation and green transition-related construction is expected to continue to grow. B2B trade accounts for more than 80% of sales for Kesko’s building and technical trade division. The good profitability of the building and the technical trades is supported by the large share of the building under renovation and the strong demand for products related to energy savings and the green transition.

In the auto trade market, car availability and demand are expected to remain below their long-term average in 2023. Despite the market situation, the profitability of Kesko’s auto trade division is expected to remain at a good level thanks to transformation and efficiency measures taken.


Kesko’s third quarter 2022 result was the best quarterly result in the company’s history. Our quarterly result has now improved against its comparative period for 14 consecutive quarters. Revenue increased by 3.4% on a comparable basis to reach 3,010 million euros. Our comparable operating profit was €243 million, an increase of €6.4 million. The results achieved are strong proof of Kesko’s uniqueness as a commercial sector operator and the effectiveness of our strategy also in a post-pandemic market.

In the food trade, the result improved thanks to the good performance of Kespro and our grocery stores. The division’s turnover continued to grow and its turnover rose to 1,574 ME and its operating profit to 133.4 ME. Operating profit improved thanks to the growth in sales of Kespro and grocery stores. Kespro’s performance was particularly strong, with sales growth of more than 15%. Online grocery sales to consumers also increased by 3.4%. Online growth is also supported by the extensive collaboration we have launched with Wolt. We focused more on price competitiveness of our grocery stores and ranked well in media price comparisons. K-group Grocery stores are the only ones on the market to offer both bargains and premiums under one roof.

In the construction and technical trade division, all activities achieved good results. Growth continued and profits strengthened in B2B commerce. The division’s turnover increased by 70 million euros and amounted to 1,203 million euros. The growth is attributable to the good performance of B2B commerce. Sales growth was particularly strong in technical wholesale, where volumes grew particularly robustly in the heating and energy product categories. In Finlandboth Onninen and K-Rauta recorded good results. In Norwayprofitability was good for both Onninen and Byggmakker. The result in Sweden was good thanks to K-Bygg focused on B2B, Onninen and MIAB. B2B trade now represents more than 80% of the division’s sales.

In the motor trading division, profitability remained good despite availability problems. Net sales declined due to issues with new car deliveries. Profitability is at a good level thanks to better commercial margins and efficiency measures, and the operating margin stands at 5.5%. The share of electric cars is growing strongly in passenger car sales. Our K Charge EV charging network is expanding and charging has more than doubled in one year.

We believe Kesko’s business outlook will also be positive in 2023. All three business divisions are making good profits. Kesko has an exceptionally strong position in all areas of the Finnish food trade, and we are also successful in a price driven market. K-group is the leading operator of technical wholesale and construction and home improvement in North Europe, with total retail and B2B sales of more than 6.7 billion euros. The green transition, efforts to improve energy efficiency and increasing renovation of buildings should also support demand in the future. Kesko estimates that its comparable operating profit in 2022 will be in the range of 790 to 840 million euros. Kesko’s net sales and operating profit are expected to remain at a good level also in 2023 despite the challenges in our operating environment.



Kesko raised its profit forecast for 2022 on April 25, 2022, estimating that its comparable operating income in 2022 will be around 730 to 840 million euros. Previously, the company had estimated that the comparable operating profit would be in the range of 680 to 800 million euros.


Further information is available from Jukka Erlund, Deputy Managing Director, Financial Director, tel. +358 105 322 113, Hanna Jaakkola, Vice President, Investor Relations, tel. +358 105 323 540, and Eva Kaukinen, Vice-President, Group Controller, tel. +358 105 322 338. A conference call in English on the results briefing will take place on October 27, 2022 at 9:00 a.m. (EET/IS). The audio conference connection is available on the Kesko website at A Finnish-language webcast of the briefing on the interim report can be viewed at 11:30 a.m. (EET/EEST) at

Kesko will organize a Capital Markets Day on December 7, 2022 of 2 p.m. to 4 p.m. (EET/IS). Additional information can be found at The publication of Kesko’s January to December 2022 financial statements will be published on February 2, 2023. In addition, Kesko Group sales figures are published monthly. Press releases and other company information are available on Kesko’s website at

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The full press release of the interim report is attached to this press release (pdf) and is also available on our website.–30-sept–2022–sales-growth-improved-profit,c3656207

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Sallie R. Loera