O`KEY Group S.A. (AIX, LSE, MOEX: OKEY, the “Group” or the “Company”), one of Russia’s leading food retailers, has announced its unaudited operating results for the first quarter (Q1) of 2023.
Q1 2023 OPERATING HIGHLIGHTS
- Group net retail revenue increased by 3.1% YoY to RUB 48.7 bn in Q1 2023, led by revenue growth at discounters and O’KEY online sales.
- O`KEY hypermarkets’ net retail revenue decreased by 3.8% YoY to RUB 34.5 bn in Q1 2023 vs RUB 35.9 bn in Q1 2022 on the back of a 5.9% YoY LFL revenue decrease. The decline resulted mainly from a high comparable base in February-March 2022, added by a year-on-year inflation slow down in Q1 2023.
- Total online sales grew by 19.1% YoY to RUB 1.9 bn and reached 5.6% of O`KEY’s net retail revenue in Q1 2023.
- DA! discounters’ showed net retail revenue growth of 25.1% YoY to RUB 14.2 bn in Q1 2023. This was led by both LFL net retail revenue increase and the chain’s expansion. DA! LFL revenue grew by 8.1% YoY in Q1 2023 (on the top of 33.0% LFL growth in Q1 2022).
- DA! discounters’ share in the Group’s revenue rose by 5.1 pps YoY to 29.2% in Q1 2023.
KEY EVENTS AFTER THE REPORTING DATE
- In April 2023, the Group opened a new hypermarket under the O’KEY brand in St Petersburg.
- In April 2023, the Company also opened 6 new DA! discounters in Russia’s Central Federal District.