Russian food retailer O’Key has announced an increase in annual like-for-like sales.
For the year to 31 December, O’Key grew like-for-like revenue by 5.3%, while traffic increased 1.5%. Net retail revenue for the year rose 12.9% to RUB92.2bn (US$2.9bn)
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In the fourth quarter, like-for-like revenue grew 5.6% and traffic grew by 1.5%. Revenue rose 16.1% year-on-year to RUB28bn.
Patrick Longuet, O’Key’s CEO, called the results “mixed”. He said: “Despite a challenging environment overall, I am pleased to report that the end of the year saw several positive results.
“The most prominent result for the year is that we retained our LFL customer base. Our LFL number of tickets increased by 1.5% for the quarter and 3.6% in December, a spike which we attribute to intensified promotional activity.”
O’Key added 14 stores over the year and announced plans to open an additional 13 hypermarkets in 2012. It will release its full annual financial results in late April.
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By GlobalData
