Russian retailer O’Key Group said it had a “very successful” third quarter after booking an increase in like-for-like sales.
In the three month period, the retailer recorded like-for-like revenue growth of 9.2%. This was primarily driven by the expansion of its average basket, which stood at 8.4% for the quarter.
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“Progress in our average basket outpaced inflation trends and was supported by the growing number of items per basket. At the same time, traffic was not compromised by the strong progress on the basket side, as it grew by 0.7%,” O’Key said.
Group sales grew by 19.9% year-on-year, with store traffic having increased by 0.7%.
CEO Patrick Longuet said, on the expansion side, it has added “a record number” of new projects to its development pipeline.
“In terms of our expansion, we opened two hypermarkets during the third quarter and continued to work actively on securing new locations. Our development pipeline has increased significantly in Q3 2013 as we signed twelve new contracts, eight of which are for hypermarkets, two are for supermarkets and the remaining two are for the new project. As of 30 September 2013, the total number of projects reached 34 hypermarkets and 26 locations for smaller formats.”
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