Russian retailer O'Key today (17 January) published what its chief executive described as "solid" sales growth for 2010.

The retailer, which listed on the London Stock Exchange in November, booked a 21.9% rise in revenue to RUB81.69bn (US$2.73bn). The increase came on the back of a 7.7% rise in like-for-like retail revenue.

O'Key CEO Patrick Longuet said the retailer's total sales had been driven by store expansion but he said the company had seen "an upward tendency" in like-for-like sales throughout 2010.

"O'Key demonstrated solid retail revenue growth in 2010 both in terms of like-for-like revenue and in terms of overall revenue development. Overall retail revenue growth was driven by our store expansion program which was executed in line with our development plans," Longuet said.

"As for like-for-like revenue, since the fourth quarter of 2009, when we encountered our slowest growth period, we have observed an upward tendency that has continued throughout 2010. This encouraging result gave additional impulse to our development."

At the end of 2010, O'Key operated 57 stores: 35 hypermarkets and 22 supermarkets.