Today together with me, Mr. Tapio Arimo, Tokmanni's new CFO will be presenting the financial figures. Tapio has now been with Tokmanni for almost three months. I'm very happy to say that Tapio seems to be a very fast learner, highly result-oriented, and shares exactly the same values with Tokmanni. We're very happy at the moment with Tapio joining the team.
Tapio will be presenting the financial figures. Before that, I will share the key points regarding the fourth quarter and year 2022 with you. After Tapio, I will come back with some comments regarding 2023. Afterwards, it's time for questions. Let's start.
Taking into consideration the market situation in Finland, last year, and especially during the fourth quarter, we were quite happy to achieve the same level of revenue compared with the previous year, slight growth. But, unfortunately, the operating profit declined due to higher costs. Let's take a closer look at the key points.
Consumer confidence, during the fourth quarter, was on a historically low level in Finland. A decline with purchasing power had a and a low level of consumer confidence had a significant impact on consumer behavior in Finland. For Tokmanni, I have to admit that, after several years of strong growth, adapting to these declining volumes and drastically increased costs were definitely a challenge.
On the other hand, groceries, low price level, offers, campaigns, strengthened our sales, but at the same time, they decreased the sales margin. Probably the worst case regarding the last year, and of course the fourth quarter, was the increase of costs.
For Tokmanni, for the full year, it was more than EUR 20 million, obviously it had a significant impact on our results. During 2022, the inventory level was very high then, actually a problem. We were able to reduce the inventory level significantly during the last quarter. The value is still or was still on a higher level compared with the previous year, that's mainly due to increased purchasing purchase prices.
There's definitely still room to improve, especially when now we can see that the supply chain works as planned, so to speak, after the years of pandemic. Let's take a look at the key figures regarding fourth quarter. Revenue growth was 1.5%, EUR 339 million during the fourth quarter. Like-for-like revenue decreased by 1%. Gross profit was slightly lower compared with previous year, EUR 119.5 million, but the gross margin was clearly lower, 35.2 compared with 36.2%. Comparable EBIT amounted to EUR 35.8 million. Profitability level, 10.5%.
Cash flow from operating activities amounted to EUR 92.2 million, clearly better compared with the previous year's EUR 74.9 million, and this is due to the changes with inventory level. Earnings per share during the last quarter, diluted was EUR 0.41 compared with EUR 0.52 from the previous year. The key figures for 2022, revenue growth with revenue growth of 2.3%, EUR 1,168 million as a total. Like-for-like revenue decreased by 0.7%. Gross profit slightly better compared with previous year, EUR 398 million, but the gross margin was clearly lower, 34.1%.
Comparable EBIT amounted to EUR 85.8 million, clearly lower from previous year's EUR 105.7 million. Profitability level, 7.3% of revenue. Cash flow from operating activities amounted to EUR 86.3 million, earnings per share diluted was EUR 1, compared with EUR 1.33. Tokmanni's board of directors proposal for annual general meeting for dividend is EUR 0.76 per share, and it will be paid in two installments. A little bit more about the structure of Tokmanni's business regarding last year. As already mentioned, the sales of grocery products increased by almost 5% in 2022.
As you can see here, Tokmanni's business is like divided with two divisions, so to speak, grocery products and non-grocery products. Tokmanni has traditionally been a chain focused on non-grocery products. But the change with customer behavior is turning towards grocery products. Historically, Tokmanni has been always selling a lot of products in the grocery section like household papers, washing, cleaning products.
They've always been emphasized with Tokmanni's business. But now we can clearly see that customers with very low confidence and also a low level of buying power, they've stopped buying non-food products with a little bit higher unit price.
Therefore, Tokmanni, it has been, as you can see, compared with previous year, Tokmanni has been selling, actually quite a lot more of groceries. We consider groceries as food products, beverages, pet products. Actually, pet products had a very good sales growth. Health products, household papers, magazines, cleaning products, and daily cosmetics.
This is of course, we consider this as a strength for Tokmanni that we can always rely on either part of the business, either the grocery products or non-grocery products, especially, for example, for the coming year. Second quarter has always been very important season for Tokmanni. Of course, the non-grocery products, especially garden, is supposed to be emphasized.
Hopefully, the weather conditions will be a lot better this year compared with previous year. Anyway, if there is an issue with the non-grocery products, the grocery products sort of bring some sales growth for Tokmanni and supports the total picture. The retail environment for Tokmanni in Finland at the moment, obviously the high level of inflation and rising interest rates are affecting our customers.
On the other hand, price level has become the most important criterion for choosing a store. In this situation, obviously, Tokmanni with one of the best price images in Finland, has a very strong place with the retail market.
Obviously, we do our utmost to benefit from, from this position. There's been a lot of changes, as already mentioned, with between the non-food products and grocery products. Volumes when it comes to the retail market in general, they've been clearly lower, last year compared with previous years, and the rising prices have been the main driver of retailers value growth.
Inventory levels with the retailers, I would say, globally, they're getting normal, on a normal level, after the changes in supply chains and demand. Obviously, the more systematic process with the supply chain supports a lot more efficient management of inventories nowadays.
When we look at the Tokmanni's strategy, a couple of words about Tokmanni's strategy for 2021-2025, the revenue target is still EUR 1.5 billion in 2025. As you can see from the graph, obviously, we are slightly behind after last year with our track, but not that much. We are confident to keep the target level. Obviously, we need some action points to reach the EUR 1.5 billion level. The action points comes from our sources of growth. Last year was a slowdown with the growth of our store network due to the very, very high building costs.
Nowadays we see the clearly lower level of the costs regarding constructions and so on. We are able to speed up with our growth with the store network. We also mentioned with our previous CMD that we will start developing our B2B business, call it in Finnish, we call it Tokmanni Tukku. Actually we branded at the end of last year this B2B sales channel. We were thinking that there is a lot of potential with the B2B business, and last year clearly showed us that there is a lot of potential.
Tokmanni has the one of the best price images in Finland, so obviously our B2B customers are extremely interested in Tokmanni's offer for these customers, and we're now developing this part very actively. We also actually exactly a year ago, we launched this Miny lifestyle brand, trying to get new customers to Tokmanni, young ladies starting from the age of 13 to 30.
This was very successful, so we will be expanding Miny departments in the largest Tokmanni stores, and also like standalone stores. Acquisitions obviously is also one route to our target of EUR 1.5 billion. Today we informed about the acquisition of Click Shoes and Shoe House, shoe store chains.
I will come back to this a little bit later. This kind of acquisitions obviously are very interesting for Tokmanni and leads us also to reach the target of EUR 1.5 billion. When we look at the EBIT target of EUR 150 million in 2025, as you can see, we do have a lot of work regarding this target, but we're still confident that we're able to reach this target and the action points to do so. Before going to the action points, as already mentioned earlier, I said that the increase of costs for Tokmanni during 2022 was more than EUR 20 million.
As you can see from the results here, obviously the rising costs have been an issue, a problem for Tokmanni during the last year. Of course, this is something that we need to solve during this year and the coming years before 2025. Some of the action points regarding this target. First of all, we've already started the purchase negotiations regarding the purchasing prices.
Obviously, we can see from our, through our Shanghai office that raw material prices are already coming down or they've already come down. There are already like lower buying prices regarding the Far East sourcing. It's in Finland, it's at the moment, I would say it's only fresh food, which is not that big with Tokmanni.
Its fresh food buying prices are still a little bit on a higher level. Otherwise it's almost all buying prices are definitely not rising anymore and depending on the category, we can see already lower buying prices. This is of course a matter of negotiations with our with our partners.
We're very happy with the private label sales and the private label development, and we are definitely driving our private labels this year and the coming years since the customers are emphasizing with their buying the our private labels. This is of course, gross margin related the two first bullet points. Then of course, we're concentrating also efficient indirect sourcing, especially at the moment the freight costs.
We were basically during pandemic, we were very happy to have an extremely good agreement for the freight. Now the agreements are getting to their end by the end of March. The prices are coming down or they've come down a lot, so we are in a perfect position to negotiate new agreements regarding this. With the electricity prices, we can or it looks as if already the worst part is over in Finland and that's why we are quite confident that the 2022 electricity prices were the all-time high, and already this year we're able to have a slightly lower electricity costs.
Our new logistic center in Mäntsälä is obviously bringing new efficiencies with our supply chain and lower costs because we don't have to rely on external warehouses anymore after this year. So we're definitely looking forward to this one, and I'll come back to this slightly later.
Of course, the personnel expenses, we are obliged to manage the personnel expenses by streamlining the processes for sure this year. Yeah, so these are the action points related to the EBIT target for 2025. At this point of time, I would like to thank our customers, our partners, and all Tokmanni employees. Last year was definitely a difficult one. We'll make a success out of 2023.
Thank you. Tapio, now it's your turn to present some key figures regarding the fourth quarter and year 2022.
All right. Thank you very much, Mika. Good morning to everybody on my behalf as well. My name is Tapio Arimo. I've been the CFO now for about three months, and super excited to be here at Tokmanni and back to retail in my career. Without further, let's get to the numbers. If we start with the revenue, in Q4 2022, our revenue grew by 1.5%, and like-for-like revenue decreased by 1%.
Measured as a percentage, the biggest growth came from the sales of pet products, groceries, apparel, and craft supplies. Our online sales for 2022 were 1.7% of total revenue. For the full year 2022, our revenue grew by 2.3%, and like-for-like revenue decreased by 0.7%.
As a %, the biggest growth in sales came from pet products, groceries, apparel, and cleaning products. Our online sales were 1.7% of full year 2022 sales. Moving on to comparable gross profit and comparable margin. In Q4, our comparable gross profit was EUR 119.5 million, and that is equal to 35.2% gross margin.
The gross margin was negatively affected, especially by campaign sales based on special offers and the sales structure, which focused more on the groceries than in the comparison period. For the full year 2022, our gross profit was EUR 398 million, slight increase over the previous year, and the comparable gross margin % was 34.1, a decline of 0.6 percentage points.
The decrease in the gross margin % was due in particular to the sales structure and our decision to maintain low prices despite higher sourcing costs. Looking at our direct import and product labels managed by Tokmanni, in Q4 last year, the percentage grew significantly from a year before, the direct import was 32%.
Looking at the full year, our direct import % was at the previous year's level at 27.1%. Looking at the product labels managed by Tokmanni, again, in Q4, we increased the percentage of those up to 35.9%, while for the full year there was a slight decline, 32.2%. Moving on to operating expenses. In Q4 last year, the total operating expenses in comparable terms were EUR 66.2 million, and the increase was mostly due to higher property costs.
Personnel expenses were 10.7% of revenue, same level as last year, a total of EUR 36.1 million. For the full year 2022, our comparable operating expenses were EUR 243.1 million or 20.8% of sales. Personnel expenses increased slightly in terms of percent of sales to 11.7%, and total personnel expenses were EUR 137.1 million. Our comparable EBIT in Q4, it was EUR 35.8 million, a decline from the previous . Also our comparable EBIT margin declined to 10.5% from 12.1% a year ago.
For the full year, comparable EBIT was EUR 85.8 million compared to EUR 105.7 million a year ago. The comparable EBIT margin also declined to 7.3% from 9.3% a year ago. The decrease in profitability was mainly due to the increase in operating expenses and also depreciation. The depreciation increase is mainly due to the depreciation on rental properties based on the IFRS 16 calculation.
Looking at our inventories at the close of last year, our inventories amounted to EUR 281.3 million, which is an increase from the previous year of EUR 263.6 million. The value of that increase mainly reflects the increase in sourcing prices.
Our interest-bearing debt totaled EUR 392.4 million at the end of the year and consisted of long-term corporate debt of EUR 100 million and EUR 10 million of current corporate debt, and the remainder of the interest-bearing debt is then related to the lease liabilities under IFRS 16 reporting standard. Our ratio of net debt to comparable EBITDA for the past rolling twelve months was 2.4.
Our financial position at the end of the year remained very good. We had a total of EUR 206 million in withdrawable funds at the end of the year, consisting of loan agreements with financial institutions and a commercial paper program. Moving on to our cash flow. In Q4, our cash flow was very good, EUR 92.2 million, compared to a year ago, EUR 74.9 million.
The increase in cash flow was mainly due to the decrease in the inventory levels from the previous quarter. In 2022, our cash flow was EUR 86.3 million, down from the previous year's EUR 126.8 million. The decrease in the cash flow from operating activities was mainly due to the weaker result and the amount of capital tied to inventories at the end of the year.
Looking at our capital expenditure, our net capital expenditure in Q4 was EUR 20.9 million, and for the full year, our net capital expenditure was EUR 54.7 million. Our capital expenditure is mainly related to the expansion, development, and maintenance of our store network, our development of digital services, and the construction of our new logistics center.
The total value of the investment in our new logistics center is estimated at EUR 65 million, and that investment will be recognized for the most part in last year and this year. Moving on to 2023, I will give the floor back to Mika.
Thank you, Tapio. Yes, couple of words regarding this year. First of all, the acquisition. We've informed about this today. We've said in our strategy that we have destination categories where we try to be the number one retailer in Finland.
One of them is apparel. We had the chance to acquire all share of Finnish shoe store chains. This is basically one chain, but anyway, with two different banners, Click Shoes and Shoe House. The company has 29 stores across Finland and an online store. Actually, this is a leading shoe retailer in Finland at the moment, fitting Tokmanni extremely well.
Very efficient and very good price image. This will definitely strengthen our apparel business in Finland, both ways, as a continuation with the Click Shoes and Shoe House stores and Tokmanni stores as well. These Click Shoes and Shoe House stores are mainly located in shopping malls where actually Tokmanni is not that strong. There won't be cannibalism in that sense because this will be clearly separated. The transaction is expected to be closed on the first of March, so in a couple of weeks' time. The owner, Mr. Tommi Lehtinen, has been doing an extremely good job with building up this shoe store chain.
With his team of approximately 100 employees, they will all join Tokmanni to build up the Tokmanni shoe business. The company's current employees continue as old employees. The revenue for these companies was almost EUR 10 million in 2021. Obviously we are all the time interested in acquisitions which are related to our destination categories, which will make us stronger in our customers' minds in our chosen destination categories.
This is a perfect example regarding our business development. Some other issues regarding 2023, as already mentioned, We launched this business to business channel. In Finnish it's called Tokmanni Tukku. For Finns probably a quite understandable name. The idea obviously is definitely to use our whole assortment of almost 40,000 SKUs and the perfect price image with In Finland for also our business customers.
The development, the start has been very successful, we're definitely putting a lot of energy on this part of the business as well. Yeah, actually already in next week, the Tokmanni app, Tokmanni Club app, will be in App Store, available in App Store, in one week time. It will be launched next week.
Obviously this is a continuation for our customer loyalty program, and we're definitely looking forward to get this also in use in couple of weeks' time. Well, this is the biggest investment in Tokmanni's history, the new Logistics center in Mäntsälä right beside our current logistics center. At the moment we have several external warehouses in use because our current warehouse was basically built 15 years ago. Obviously 15 years ago it was completely different. A lot lower revenue levels with Tokmanni, so we've been forced to use external warehouses during the last years.
Now when this will be ready, we can basically stop with all e-external warehouses and the best part of this huge project is, first of all, it's ready earlier than expected. If everything goes well, and now I have to say that it seems as everything is going really well, the first part, half of this building, we are able to start using already in April. The second part of this building, we're able to start using by the end of this year. The original plan was to start using this in spring 2024, so we're early, and this has been built.
Building has been, you know, according to the budget, which is of course a fantastic part of the whole project as well. We really expect this one to bring a lot new efficiencies with our supply chain. Just couple of issues regarding 2023. We definitely look forward to working hard again 2023, and we also expect growth with our guidance for 2023.
We expect revenue to be from EUR 1.2 billion-EUR 1.27 billion during 2023. Comparable EBIT measured in EUR is expected to be EUR 85 million-EUR 100 million this year. Thank you very much. Operator, now it's time for questions, and Tapio please join me, answering the questions. operator, please go ahead.
Sure. Thank you. Ladies and gentlemen, if you would like to ask a question, please press star one now on your telephone keypad. We currently have no question coming through, so as a final reminder, if you'd like to ask a question, please press star one now on your telephone keypad. Well, there are no further questions. I will hand you back to your host to conclude today's conference.
Okay. Thank you very much, operator. Thank you for joining Tokmanni result presentation. Thank you.
Thank you very much.
Have a nice weekend.
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