O'KEY Group Reports Solid Revenue Growth in Q1 2024

O'KEY Group S.A., a prominent Russian food retailer, has disclosed its unaudited financial results for the first quarter of 2024, revealing a 7.2% increase in net retail revenue YoY, amounting to RUB 52.3 billion. This growth encompasses all business segments including the O`KEY hypermarkets and the DA! discount stores.

The performance of O`KEY hypermarkets saw a moderate rise of 3.7% in like-for-like (LFL) retail revenue, totaling RUB 35.487 million. Conversely, the DA! discount stores experienced a significant 17.9% surge in net retail revenue, reaching RUB 16.8 billion. This was mainly attributed to a 7.6% increase in LFL revenue and further expansion of the store network.

Moreover, the DA! discounters now constitute 32.1% of the Group's total revenue, marking a 2.9 percentage points increase from the previous year. Despite no new store openings in the first quarter, the total number of stores operated by the end of March 2024 reached 297, with a cumulative selling space of 661,149 square meters.