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April 10, 2012

RUSSIA: Retailer O’Key Q1 sales beat company forecast

First-quarter sales at Russian retailer O'Key were ahead of its expectations, the company said today (10 April).

By Dean Best

First-quarter sales at Russian retailer O’Key were ahead of its expectations, the company said today (10 April).

O’Key, which runs 71 stores in Russia, reported an increase in turnover and like-for-like sales for the three months to the end of March.

The London-listed firm admitted part of the growth was due to a comparison with last year’s first quarter, in which a fatal accident at one of its stores in St Petersburg hit customer traffic.

However, CEO Patrick Longuet said the results were “still ahead of our expectations”.

He said: “Top-line growth was driven by a 22% y-o-y increase in trading space and was further enhanced by improvement in St. Petersburg sales, but what is more important is that most other regions also reported similar growth dynamics. In cities where we had invested into increased presence, we saw clear improvements in sales performance. Like-for-like revenue climbed …. 12.1% driven by an increase in the number of transactions.”

O’Key’s net retail revenue was up 29.4% at RUB26.31bn (US$887.1m).

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