April 28, 2020 / 5:12 AM / a month ago

BRIEF-Kesko Q1 Adj. Oper Profit Up At EUR 65.1 Mln

April 28 (Reuters) - Kesko Oyj:

* KESKO Q1 2020: RECORD Q1 RESULT, IMPACT OF CORONAVIRUS EPIDEMIC SEEN FROM MID-MARCH ONWARDS

* Q1 NET SALES EUR 2,540 MILLION (REFINITIV POLL: EUR 2.53 BILLION)

* Q1 COMPARABLE OPERATING PROFIT TOTALLED EUR 65.1 MILLION (EUR 57.5 MILLION)

* ON CORONAVIRUS: DUE TO COVID-19 PANDEMIC AND GLOBAL ECONOMIC UNCERTAINTY, COMPANY ESTIMATES THAT ITS COMPARABLE OPERATING PROFIT FOR CONTINUING OPERATIONS WILL AMOUNT TO EUR 400-450 MILLION IN 2020

* COMPANY DOES NOT ISSUE A GUIDANCE REGARDING NET SALES.

* KESKO ESTIMATES THAT CONSUMER DEMAND FOR FOOD WILL REMAIN GOOD DESPITE EXCEPTIONAL CIRCUMSTANCES BROUGHT ON BY COVID-19 PANDEMIC

* SALES ARE EXPECTED TO GROW IN GROCERY STORES AND ESPECIALLY IN ONLINE SALES OF GROCERIES

* IN FOODSERVICE BUSINESS AND HOME AND SPECIALITY GOODS TRADE, SALES ARE EXPECTED TO DECREASE

* UNDER CURRENT CIRCUMSTANCES, IT IS DIFFICULT TO PROVIDE ASSESSMENTS ON SALES DEVELOPMENT IN BUILDING AND TECHNICAL TRADE.

* WEAKENING IN OVERALL ECONOMY IS EXPECTED TO BE REFLECTED IN SALES TO B2B CUSTOMERS

* IN CAR TRADE, BOTH NEW AND USED CAR SALES ARE EXPECTED TO DECREASE COMPARED TO 2019. Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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