O'Key Group Considers Sale Of Supermarket Business
Russian retailer O'Key Group has announced that it is considering the sale of its O'Key supermarket business, to allow the company to focus on developing its hypermarket and discounter stores.
The retailer said that it is considering various options for the development of its business, including making changes to its asset portfolio, with the aim of increasing shareholder value.
However, the company added that no decision has been made yet, and 'any detailed comments would be premature'.
In August, O'Key Group posted a 4.1% increase in profit for the first half of the year, with revenue up 2.7% to RUB 86 billion.
Revenue in the group’s hypermarket and supermarket segment remained unchanged year-on-year, at RUB 81.26 billion, with ‘negative trends’ in the first quarter offset by a stronger second quarter.
The company operates 168 stores across Russia, including 72 O'Key hypermarkets and 37 O'Key supermarkets, as well as 60 discount stores under the Da! brand.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Sarah Harford. Click subscribe to sign up to ESM: The European Supermarket Magazine.