KKOYF - Kesko Oyj (KKOYF) Q2 2024 Earnings Call Transcript
2024-07-23 11:10:20 ET
Kesko Oyj (KKOYF)
Q2 2024 Results Conference Call
July 23, 2024 2:00 AM ET
Company Participants
Hanna Jaakkola - Vice President of Investor Relations
Jorma Rauhala - President, CEO
Ari Akseli - President of Grocery Trade
Sami Kiiski - President of Building & Technical Trade Division
Anu Hamalainen - Executive VP, CFO
Johanna Ali - President of the Car Trade Division
Conference Call Participants
Miika Ihamaki - DNB Markets
Anna Schumacher - BNP Paribas Exane
Presentation
Hanna Jaakkola
Dear all, warmly welcome virtually to sunny Helsinki, and thank you for tuning in for Kesko's Q2 2024 release call. Our agenda today is the following: CEO and President, Jorma Rauhala, will give first the Q2 presentation. We have here together with us, our business division presidents, Ari Akseli for grocery trade, Sami Kiiski for building and technical trade and Johanna Ali for car trade as well as CFO Anu Hamalainen. After Jorma's presentation, it's time for questions both by phone and via chat function. All the materials related to Q2 can be found at our web page kesko.fi under Investors. My name is Hanna Jaakkola, I work as IR Director at Kesko.
I will be at your service after the presentation for your questions and discussions. But now Jorma, the stage is yours. Please.
Jorma Rauhala
Thank you, Hannah. Ladies and gentlemen, welcome also on my behalf to this release call. I am Jorma Rauhala, and I have now the pleasure to present Kesko's Q2 results. Today's headline is good performance in a weak market and it describes the second quarter well. Now I will give an overview of our business performance and open up elements behind the results.
Key wins in the second quarter. Net sales and profit decrease as expected. Cash flow from operating activities strengthened. In grocery trade, net sales were down and profit at a good level. In building and technical trade, profitability weakened as expected, due to the weak construction cycle, but decline was lower than in Q1. In car trade, net sales and profit were down. In May, Kesko agreed to acquire the operations of the Autotalo Lohja dealership. In June, we published our updated strategy. Main strategic pillars are intact and competitive advantage as well as targets for each division were refined.
There were many changes in the company's group management board. Sami Kiiski was appointed as President of Building and Technical Trade; Johanna Ali as President of Car Trade; Anu Hamalainen as Chief Financial Officer; and Lasse Luukkainen as EVP, Legal & Sustainability....
Kesko Oyj (KKOYF) Q2 2024 Earnings Call Transcript