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Kesko profit beats consensusin Q2

Kesko Oyj said its normalized net income for the second quarter was €1.02 per share, compared with the S&P Capital IQ consensus estimate of 51 cents per share.

EPS increased year over year from 42 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €101.5 million, a gain from €41.0 million in the year-earlier period.

The normalized profit margin rose to 4.6% from 1.7% in the year-earlier period.

Total revenue fell 6.1% on an annual basis to €2.23 billion from €2.37 billion, and total operating expenses declined 10.9% from the prior-year period to €2.05 billion from €2.30 billion.

Reported net income increased from the prior-year period to €147.0 million, or €1.48 per share, from €50.0 million, or 51 cents per share.