Russian retailer O’Key today (12 July) reported faster sales growth in the second quarter of 2011 as the company recovered from a fatal accident at one of its stores in January.
O’Key booked a 12.6% rise in net retail revenue to RUB22.05bn (US$777.1m) for the three months to the end of June. Over the first six months of 2011, its net retail revenue increased 12.1% to RUB42.38bn.
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The London-listed retailer’s like-for-like sales were up 7.2% in the second quarter. For the first half of the year, O’Key’s like-for-likes increased 4.8%.
In January, the collapse of a roof at an O’Key hypermarket in St. Petersburg killed one person and injured ten others.
Commenting on the sales results today, CEO Patrick Longuet said: “I am pleased to report significantly improved operating results for the second quarter of 2011, as we were able to recover our position in St. Petersburg, while continuing to increase sales in other key regions where we operate.
“Our LFL revenue growth for the quarter was at 7.2%, in spite of the fallout from the accident at our Ozerki hypermarket, which still produced a negative impact on our performance in the first part of the second quarter. Nevertheless, LFL progress of the Q2 makes us confident that we will achieve LFL revenue growth of 7% for the year, as previously stated.”
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