Russian retailer O’Key Group today (11 April) booked a 5% rise in first-quarter like-for-like sales.
The UK-listed company, which has 84 stores in Russia, reported a 5.3% increase in LFLs for the period to the end of March.
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The growth was down on a 12.1% gain in LFL sales in the first quarter of 2012. Turnover growth also slowed. Retail revenue was up 17% in the first three months of 2013 compared to a 29.4% rise in the first quarter of 2012.
CEO Patrick Longuet was nonetheless upbeat about the results. “The pace of revenue growth during 1Q 2013 slowed compared to 1Q 2012 mostly as a result of more modest LFL progress and fewer store openings in 2013,” he said. “LFL revenue growth of 5.3% in 2013 compared to an increase of 12.1% in 1Q 2012. The high comparative LFL base of 1Q 2012 included 7.2% traffic growth and we did not expect the same level of growth in LFL traffic to continue in 1Q 2013.”
