Russian retailer O’Key has recorded an increase in half-year profits on the back of higher sales.

Earnings in the six months to the end of June climbed 36% to RUR1.47bn (US$45.5m), the group reported today (30 August). EBITDA amounted to RUR3.7bn, a 33.7% increase on the prior-year period.

O’Key attributed growth in the period to an increase in selling space and store traffic.

Sales grew 26.5% to RUR54.12bn, driven by like-for-like sales growth of 7.9%. Like-for-like traffic grew by 4% in the period.

The retailer reiterated its full year guidance of 25-30% revenue growth. O’Key said it expects its EBITDA margin to be at 7.8% – 8%.

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