Kesko news

01 December 2016
Kesko has sold its Russian grocery business to Lenta for approximately €163m, following approval from Russian competition authorities. Deal worth €163m The deal is worth approximately €163m and includes 11 grocery stores in St Petersburg and Leningradsky, as well as three plots of land in these regions. In 2016, Kesko achieved grocery net sales of €106m. Mutual benefits The sale will ...
26 October 2016
Finnish retailer Kesko is to sell its Russian grocery stores to Lenta. Focusing on Finland Kesko's net grocery sales in Russia were EUR106m in 2015: that's less than 2% of its total. Mikko Helander, president and CEO of Kesko, said it would have needed significant investment to grow its grocery business in Russia. The sale will help it concentrate on its strategic objective: growth in Finla...
08 August 2016
Finnish market leader S Group has revealed its results for the first half of 2016, reporting that total sales excluding taxes rose by 1.7% to €5,336m, while sales in the retailer’s supermarket trade increased by 3.8% to €3,764m. Grocery sales in Finland were a particular highlight, increasing by 4.2% to €3,315m. CEO: flexible hours helped drive footfall & sales Commenting on the results, T...
03 August 2016
Finland’s Kesko has revealed its results for the first half of 2016, reporting that Group net sales increased by 7.3% to €4,624m. Acquisition drives performance Kesko’s grocery net sales increased by 8.6% to €2,447m, largely driven by the acquisition of Suomen Lähikauppa. Net sales in local currencies, excluding this acquisition increased by 0.9%, with the retailer’s grocery business ret...
12 April 2016
Kesko, Finland’s second largest grocery retailer has received conditional approval to acquire competitor Suomen Lähikauppa in a deal structured as a share price purchase for around €60m. In 2015, Suomen Lähikauppa achieved net sales of €935.7m, through its c. 600 Siwa convenience stores and Valintatalo supermarkets. Acquisition to double Kesko’s convenience footprint Although the sale i...
31 March 2016
We round up the latest format developments in Finland, including market leader S Group and Kesko’s new service station concepts, as well as Kesko’s new hypermarket concept. S Group to launch new Local ABC! service station concept S Group , which already operates a number of Finnish service stations, is to launch a new local service station concept this year in 120 stores . The new co...
03 February 2016
Finnish grocery retailer Kesko has released its financial statements for 2015, revealing that total net sales declined by 4.3% to €8,679m. Performance in Kesko’s grocery business declined by 1.7% to €4,673m. This was partly attributed to a drop in prices, with the retailer estimating that grocery prices in Finland have declined by 1%. Profitability drop in grocery trade At a total busi...
19 January 2016
In the latest round of price activity in Finland, Kesko has revealed that it is reducing the prices of 2,000 products, due to falling raw material prices and decreasing costs. Kesko: ‘price is not the only deciding factor of a food store’ Commenting on the development, Jorma Rauhala, Senior Vice President for Kesko’s grocery trade said, ‘We ought to remember that price is not the only...
16 December 2015
Finnish market leader S Group is to extend the opening hours of 500 stores, following a decision in the Finnish government to relax trading legislation. Change to affect largest and smallest stores The change will affect stores of varying size across the retailer’s portfolio, including hypermarkets, supermarkets and convenience stores. S Group: move gives power to the customer Comme...
18 November 2015
Kesko, Finland’s second largest grocery retailer, is set to acquire competitor Suomen Lähikauppa, which operates 643 stores in Finland and had sales in 2014 of €999.2m. The acquisition is still subject to approval from the Finnish Competition and Consumer Authority. The transaction is structured as a share purchase for approximately €60m and is expected to be completed in the first half of 2...