Russian retailer O’Key has booked a jump in full-year sales and profits for fiscal 2012, as the group expanded into new cities in Russia.
The company said today (29 April) that revenues rose 26% to RUB117.3bn (US$3.79bn). During the period the company opened 12 new outlets, expanding its presence into four new cities in Russia. The group saw like-for-like gains, with same store sales up 7%.
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“While most Russian retailers benefited from growing inflation in 2012, few managed to deliver positive LFL traffic growth. On a like-for-like basis, our store traffic grew by 2.5% during 2012, and as the year progressed, more and more customers chose to shop at O’Key stores,” president and CEO Patrick Longuet said.
O’Key also booked “record” margins, driving profit gains. EBITDA increased 25.5% to RUB9.42bn, while net profit was up 44.4% to RUB4.7bn.
Looking to the remainder of the year, the Russian retailer was upbeat, suggesting that there was further scope to improve efficiency and boost margins.
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