Half-year financial report 1-6/2024, published on 23 July 2024
OUTLOOK AND GUIDANCE FOR 2024 (SPECIFIED)
Kesko Group’s profit guidance is given for the year 2024, in comparison with the year 2023.
Kesko’s operating environment is estimated to remain challenging in 2024.
Kesko’s net sales and operating profit are estimated to remain at a good level in 2024 despite the challenges in the company’s operating environment. Kesko estimates that its comparable operating profit in 2024 will amount to €620–680 million. Previously, the comparable operating profit was estimated to amount to €620-700 million. The profit guidance specification is based on development in the first year-half and on updated estimates regarding development in building and technical trade and car trade in latter half of the year.
The profit guidance is based on an estimate of a relatively short recession in Kesko’s operating countries. Key uncertainties impacting Kesko’s outlook are developments in inflation and interest rate levels, and geopolitical crises and tensions.
In grocery trade, B2C trade and the foodservice market are expected to remain stable despite tightened price competition, and inflation is expected to slow down in 2024. Profitability in grocery trade is estimated to remain good also in 2024.
In building and technical trade, the market is expected to continue to decline in 2024. The economic cycle will have the biggest impact on new residential building, while the decline in other building construction, renovation building and infrastructure construction is expected to be smaller. The cycle is expected to turn in 2025. Profitability in building and technical trade is estimated to fall short of the 2023 level, but to still remain at a reasonably good level in 2024.
In car trade, new car sales are expected to fall short of the 2023 level. Sales of used cars and services are expected to grow. Profitability in car trade is estimated to still remain good in 2024, but to fall short of the 2023 level.
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