Here are Arttu’s comments on Kesko’s (and Tokmanni’s) performance in June ![]()
According to the figures reported by PTY (Finnish Grocery Trade Association), the department store and hypermarket chain market, which is key for Kesko and Tokmanni, grew by 2% in June. For the entire H1, the growth rate has been at a solid level of approximately 3%, which, in our view, signals a slight improvement in domestic consumer demand.
Food sales rose by 3%, while sales of non-food goods fell by one percent during June. Within non-food goods, sales fell by approximately one percent in both the clothing and the home and leisure categories. Sales growth for non-food goods has slowed since the beginning of the year, with total growth for H1 being around 2%.