Kesko Oyj (STU:KEK)

€ 19.215 0.06 (0.31%) Market Cap: 7.61 Bil Enterprise Value: 10.48 Bil PE Ratio: 18.31 PB Ratio: 2.88 GF Score: 84/100

Q1 2019 Kesko Oyj Earnings Call Transcript

Apr 25, 2019 / 11:00AM GMT

Release Date Price: €12.34 (-1.99%)

Transcript

Mikko Helander

Kesko Oyj - Chairman of the Group Management Board, President, CEO & MD

Ladies and gentlemen, welcome to our 2019 first quarter results call. I'm Kesko's President and CEO, Mikko Helander. Together with me, I have our CFO, Jukka Erlund; and Vice President, Investor Relations, Kia Aejmelaeus. I will first give a brief overview of our business performance, and after that, we will be happy to take questions.

Our good progress continued in the first quarter, and strategy execution proceeded in all divisions. The comparable operating profit decreased due to acquisitions that increased seasonal fluctuations and due to market disturbances in the car trade division. Growth in grocery trade division continued to outpace the market. We made acquisitions in line with our growth strategy in the Swedish building and home improvement trade and in the Finnish car trade. We have changed our financial reporting to comply with the new IFRS 16 leasing standard. Also, we set new financial targets for the group.

Our comparable operating profit for the quarter calculated in accordance

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