Board Member Markku Tuomaala sold 400,000 Puuilo shares on June 11 at a volume-weighted average price of €15.47 per share, according to a managers' transactions filing. The transaction was worth around €6.2 million.
The sale carries particular weight because Tuomaala is not a typical board member. He founded Puuilo and served as CEO from 1995 to 2017, overseeing the company's transformation from a local discount retailer into a national chain. He returned to the board in 2025 and remains closely associated with the company's long-term development.
The transaction came one day after Puuilo reported strong first quarter results. Net sales increased 16% year on year to €103.8 million, while adjusted EBITA rose 50% to €16.3 million. The company reiterated its full-year guidance and continues to target the opening of its first Swedish store within 15 months.
Investors often scrutinize insider sales for signals about management confidence. In this case, however, the transaction appears against a backdrop of operational momentum rather than weakening performance. Puuilo recently appointed Annu von Weymarn as permanent CFO, a leadership move Listeds covered in May, while preparations for its first international expansion continue.
For shareholders, the more important question may not be why a founder sold shares, but whether Puuilo can sustain the growth that has made the stock one of Finland's standout retail performers.
