Russian grocery retailer O’Key’s net profit jumped during 2010, more than quadrupling to reach RUB3bn (US$109.6m).

The retailer said on Friday (29 April), that for the year ended 31 December, net revenue increased 21.8% to RUB82.6bn, which it attributed to a 23.6% increase in selling space and to a 7.7% increase in like-for-like sales.

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Like-for-like traffic was up 4.3% while like-for-like transaction size was up 3.3%.

The retailer raised US$420m in an IPO in November last year in order to finance the expansion of its hypermarket and supermarket format in Russia.

Shares in London-listed O’Key were up 1.19% to US$10.62 a share at 09:17 BST today.

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