RUSSIA: O'Key records Q3 sales climb
By Michelle Russell | 12 October 2012
- Q3 sales climb 26.1%
- Like-for-like sales grow 4.5%
- 9M sales up 26.3%
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Q3 like-for-like sales grew 4.5% for O'Key |
Russian retailer O'Key has booked an increase in third-quarter sales amid a "stable" trading environment and an increase in selling space.
In the three month period, like-for-like sales increased 4.5%, the retailer reported today (12 October).
Net sales climbed 26.1% year-on-year to RUR27.5bn (US$886.5m). O'Key said it opened two stores, one hypermarket and one supermarket during the quarter.
In the first nine months of the year, like-for-like sales were up 6.7%, while net sales increased 26.3% to RUR81m.
"The trading environment during the third quarter of 2012 was stable, and the general rate of inflation accelerated compared to Q2, particularly in the food segment, which was reflected in prices," said CEO Patrick Longuet. "I am pleased to note that growing inflation has not led to a decrease in traffic in our stores and revenue growth accelerated quarter-on-quarter."
OKEY GROUP S.A. announces unaudited operating results for 3Q and 9M 2012
O'KEY GROUP S.A. (the "Company" or "O'KEY"), one of the leading Russian food retailers, announces its unaudited operating results for 3Q and 9M 2012.
Operating Highlights
· Q3 net retail revenue increased 26% year-on-year (y-o-y)
· LFL revenue growth of 4.5% in the third quarter
· Selling space exceeded 379,000 sq.m.
Commenting on the results, O'KEY CEO Patrick Longuet said:
"The trading environment during the third quarter of 2012 was stable, and the general rate of inflation accelerated compared to Q2, particularly in the food segment, which was reflected in prices. I am pleased to note that growing inflation has not led to a decrease in traffic in our stores and revenue growth accelerated quarter-on-quarter.
The increase in food inflation had a positive impact on our average basket at the same time our traffic remained stable. As a result, LFL revenue grew by 4.5%, driven by a higher average basket. It is important to note that LFL revenue accelerated throughout Q3, with July being the lowest point and September posting higher LFL than our full year guidance.
We opened two stores, one hypermarket and one supermarket during the third quarter. The work on all the stores in our pipeline is progressing well. Also we added several new projects to the list during this quarter.
Original source: O'Key
Sectors: Emerging markets, Financials, Retail
Companies: O’Key
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