Russia's O'Key Group has seen its net retail revenue rise by 6.3% to RUB 40.6 billion in the third quarter of the year.
During the period, traffic to the group's stores increased by 11%. The group's total selling space increased by 8.6%, to 621,098 square metres, with its hypermarket selling space increasing by 5.8%.
Like-for-like revenue decreased, however, by 0.4%, driven by a 1.1% increase in traffic and a 1.4% decline in average basket value.
“The changes aimed at increasing our business efficiency, which my team launched in May last year, have allowed us to maintain sustainability in the hypermarket and supermarket segment and show positive operating dynamics," said Heigo Kera, CEO and chairman of O’Key Group.
"We recorded a 2.6% increase in retail revenue and 3.0% traffic growth (net of Da! discounters) in Q3. As planned, we opened two new hypermarkets, in Moscow and Tyumen, with elements of the new store concept – modern design, easy navigation, and a new approach to the in-store look and feel."
© 2016 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. To subscribe to ESM: The European Supermarket Magazine, click here.
