Kesko half-year financial report for 1 Jan. - 30 June 2022: The best Q2 result in Kesko’s history – record result in building and technical trade



  • Group net sales in April-June totalled €3,108.5 million (€2,988.2 million), an increase of 3.9% in comparable terms, reported net sales up by 4.0%
  • Comparable operating profit totalled €236.0 million (€219.4 million), up by €16.6 million
  • Operating profit totalled €238.3 million (€218.1 million)
  • Comparable earnings per share €0.45 (€0.40)
  • Reported Group earnings per share €0.45 (€0.41)


  • Group net sales in January-June totalled €5,815.8 million (€5,527.5 million), an increase of 5.1% in comparable terms, reported net sales up by 5.2%
  • Comparable operating profit totalled €379.7 million (€335.6 million), up by €44.1 million
  • Operating profit totalled €382.9 million (€333.8 million)
  • Comparable earnings per share €0.71 (€0.60)
  • Reported Group earnings per share €0.71 (€0.60)


  4-6/2022 4-6/2021 1-6/2022 1-6/2021 1-12/2021
Net sales, € million 3,108.5 2,988.2 5,815.8 5,527.5 11,300.2
Operating profit, comparable, € million 236.0 219.4 379.7 335.6 775.5
Operating margin, comparable, % 7.6 7.3 6.5 6.1 6.9
Operating profit, € million 238.3 218.1 382.9 333.8 775.2
Profit before tax, comparable, € million 221.4 203.6 353.0 303.2 710.4
Profit before tax, € million 223.7 204.5 352.6 303.7 712.9
Cash flow from operating activities, € million 262.4 346.6 333.5 501.7 1,152.0
Capital expenditure, € million 124.6 82.7 250.8 126.9 276.6
Earnings per share, €, basic and diluted 0.45 0.41 0.71 0.60 1.44
Earnings per share, comparable, €, basic 0.45 0.40 0.71 0.60 1.43
  1-6/2022 1-6/2021 1-12/2021
Return on capital employed, comparable, %, rolling 12 months 17.9 15.0 17.2
Return on equity, comparable, %, rolling 12 months 26.8 24.0 24.1

In this release, the comparable change % in net sales has been calculated in local currencies and excluding the impact of the acquisitions and divestments completed in 2021 and 2022. The comparable operating profit has been calculated by deducting items affecting comparability from the reported operating profit.


Kesko Group’s outlook is given for the year 2022, in comparison with the year 2021.

Kesko estimates that its 2022 comparable operating profit will be in the range of €750 – 840 million. Previously, Kesko estimated that its comparable operating profit would be in the range of €730 – 840 million.

Outlook assessments are made more difficult by uncertainties related to our operating environment and the overall economy. Key issues include the ongoing war in Ukraine, problems in the European energy markets, accelerating inflation, rising interest rates, and developments in the Covid-19 pandemic.


The second quarter of 2022 gave the best Q2 result in Kesko’s history, as good development continued in all divisions. Our net sales grew by 3.9% in comparable terms, totalling €3,108.5 million. The Q2 comparable operating profit totalled €236 million, representing an increase of €16.6 million. Our quarter-result has improved on its comparison period for 13 consecutive quarters. Although the pandemic is not over, its impact on Kesko’s businesses has clearly diminished. This and the record result achieved act as strong indication that Kesko’s strategy is working and that people in K Group are doing an excellent job under changing circumstances.

Our strong position in all areas of food trade helped our performance in a changing market. Profit for the grocery trade division improved thanks to good development in Kespro and our grocery stores. The division’s net sales grew by 5.1%. Operational efficiency improved further. Kespro’s net sales grew by nearly 30% as post-pandemic consumption shifted increasingly towards restaurants. Sales to K Group grocery stores grew by 1%. Rising food prices mean that the whole food trade market is growing, but they also have an impact on consumer behaviour. Interest towards high-quality food has grown, and the popularity of eating out and quality ready meals has continued to grow. At the same time, price has become an increasingly important consideration for many consumers. Our stores are able to offer customers both premium and bargains, all under one roof.

In the building and technical trade division, our focus on B2B trade resulted in a record result of €109.5 million. Net sales for the division grew by €106 million. Net sales grew thanks to good performance in B2B trade, sales growth was particularly strong in technical wholesale in all operating countries. B2B sales also grew in building and home improvement trade in Q2, but the pace slowed down. Meanwhile, sales in B2C trade came down from the exceptionally high levels seen in the comparison period. Construction and renovation activity remained high in Northern Europe, with green transition also underpinning demand. Increased prices are also causing the building and technical trade market to grow. Construction and renovation are increasingly being outsourced to professionals. B2B trade now accounts for some 80% of the division’s sales.  

In the car trade division, the transformation of our operations and active measures in all areas resulted in improved profitability in a difficult market. The division’s profitability improved and operating margin strengthened and stood at 5.6% despite the fact that net sales decreased due to car availability issues. New car sales have, however, continued strong, raising our order book to a record level. Sales margin growth and cost-efficiency improved profitability. The share of electric and hybrid cars is growing strongly in passenger car sales, with tax breaks and the rise in fuel prices in particular accelerating their demand. The car trade division has significant profit improvement potential once the availability of cars returns to normal levels.

The outlook for Kesko’s businesses is positive. We estimate that Kesko’s 2022 comparable operating profit will be in the range of €750 – 840 million. Before, we estimated that the comparable operating profit would be in the range of €730 – 840 million. In 2021, our operating profit totalled €775.5 million.


Further information is available from Jukka Erlund, Executive Vice President, Chief Financial Officer, 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.


Teleconference of President and CEO Mikko Helander in English

Listen the teleconference

Results briefing conducted in Finnish

Watch the webcast


Go to Report centre

Did you find the content useful?

To top