Russian retailer O’Key has seen its sales growth slow in the third quarter of the year.
The company, which has 59 stores in 15 cities across Russia, saw its like-for-like sales grow 5.9% in the three months to the end of September, compared to 7.2% in the second quarter.
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O’Key CEO Patrick Longuet said slowing food inflation, lower consumption of seasonal foods because of a mild summer and other “external factors” led to the decline in traffic but says sales are starting to pick up. Traffic dropped 0.8% in the quarter, but the average basket rose 6.7%.
Longuet said: “Despite challenging summer months, we posted positive like-for-like traffic results in September which I believe is a first positive sign since the quarter’s beginning.”
