28.04.2022 08:45:05
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O'KEY GROUP NET RETAIL REVENUE RISES BY 9.3%, DA! DISCOUNTERS DELIVER 57.6% REVENUE GROWTH IN Q1 2022
O'KEY Group S.A. (OKEY)
Press release 28 April 2022
O'KEY GROUP NET RETAIL REVENUE RISES BY 9.3%, DA! DISCOUNTERS DELIVER 57.6% REVENUE GROWTH IN Q1 2022
O'KEY Group S.A. (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 2022.
All materials published by the Group are available on its website www.okeygroup.lu.
Q1 2022 operating highlights
[1]Hereinafter, net retail revenue, LFL net retail revenue, and the average ticket metrics are provided net of VAT.
Key events after the reporting date
Operating review
Group Net Retail Revenue in Q1 2022
Group Net Retail Revenue Metrics for Q1 2022
Group LFL Net Retail Revenue Performance in Q1 2022
The Group's net retail revenue grew by 9.3% YoY to RUB 47,252 mln, led mainly by a 5.6% LFL revenue growth and supported by the discounters' expansion, as well as strong performance of the online business in Q1 2022. Net retail revenue of O'KEY hypermarkets declined slightly by 0.4% YoY to RUB 35,886 mln in Q1 2022. That was mainly due to a closure of three O'KEY stores in Q1 2022. O'KEY hypermarkets LFL net retail revenue stood almost flat showing a 0.1% YoY growth. During January and February 2022, we saw relatively soft customer traffic in shopping malls on the back of pandemic-related restrictions. In March 2022, in view of unstable geopolitical and economic environment, we substantially limited promotional activity in hypermarkets to secure sufficient stock levels and ensure full on-shelf availability. The average ticket growth was supported by number of items bought and less promos in O'KEY in March. However, that was offset partially by the sales mix, as customers tended to stock-pile primarily basic goods like sugar, cereals, canned and non-food products. Total online sales, including our own delivery and third-party delivery services, increased by 64.5% YoY to RUB 1,619 mln in Q1 2022. The share of total online sales in O'KEY's net retail revenue grew by 1.8 pp YoY and reach 4.5% in Q1 2022 compared to 2.7% in Q1 2021. DA! discounters delivered a 57.6% YoY increase in net retail revenue to RUB 11,366 mln in Q1 2022, driven by a 33.0% LFL revenue growth and a 32.3% YoY selling space expansion. The LFL revenue growth was led by stronger brand recognition and loyalty among the customers, and supported by the removal of pandemic-related restrictions, as well as peak demand in March, especially, for dry, canned food, and non-food products. The discounters' share in the Group's revenue rose by 7.4 pp YoY and reached 24.1% in Q1 2022. The Company expects DA! to remain one of the key growth drivers for the Group's top- and bottom-line.
Group Stores and Selling Space in Q1 2022
In Q1 2022, in the course of ongoing real estate portfolio revision and optimisation, the Group closed three O'KEY stores - two in Saratov and one supermarket in Moscow. The Group opened five new DA! discounters in Q1 2022. As of 31 March 2022, the Group operated 75 O'KEY hypermarkets and 157 DA! discounters, with a total selling space of 620,699 sq m. In April 2022, the Group launched four hypermarkets in the Moscow Region replacing the stores it had acquired from X5 Group and solidified O'KEY presence in Central Russia. The expansion in Russia's Central Federal District brought the number of O'KEY stores there to 24, of which 17 are located in Moscow and the Moscow Region. The Group operates 26 O'KEY hypermarkets in North-West Region, including 24 stores in St-Petersburg. Another 11 O'KEY hypermarkets are located in South Russia, and 18 stores operate in Eastern Russia. In April 2022, The Group also opened four new DA! discounters in Central Russia.
For further information, please contact:
ABOUT O'KEY GROUP
O'KEY Group S.A. (LSE, MOEX: OKEY) is one of the leading grocery retailers in Russia, operating hypermarkets under the O'KEY brand and discounters under the DA! brand. As of 31 March 2022, the Group operated 232 stores across Russia (75 hypermarkets and 157 discounters) with the total selling space of 620,699 square meters. The Company opened its first hypermarket in St. Petersburg in 2002 and has since demonstrated continuous growth. O'KEY was the first Russian food retailer to launch e-commerce operations in St. Petersburg and Moscow, offering a full range of hypermarket products for home delivery. The Group has seven e-commerce pick-up points in Moscow and six e-commerce pick-up points in St. Petersburg. In 2015, the Group launched the first discount chain in Russia under the DA! brand. The Group operates five distribution centres in Russia - three in Moscow and two in St. Petersburg. The Group employs more than 20,000 people. In 2021, Group's revenue amounted to RUB 187.1 billion, while EBITDA reached RUB 15.5 billion. The O'KEY Group shareholder structure is as follows: NISEMAX Co Ltd - 43.20%, GSU Ltd - 30.03%, free-float and other holders - 26.77%.
DISCLAIMER
These materials contain statements about future events and expectations that are forward-looking statements. These statements typically contain words such as 'expects' and 'anticipates' and words of similar import. Any statement in these materials that is not a statement of historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. None of the future projections, expectations, estimates or prospects in this announcement should be taken as forecasts or promises nor should they be taken as implying any indication, assurance or guarantee that the assumptions on which such future projections, expectations, estimates or prospects have been prepared are correct or exhaustive or, in the case of the assumptions, fully stated in this announcement. We assume no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements. |
ISIN: | US6708662019 |
Category Code: | QRF |
TIDM: | OKEY |
LEI Code: | 213800133YYU23T4L791 |
OAM Categories: | 3.1. Additional regulated information required to be disclosed under the laws of a Member State |
Sequence No.: | 158110 |
EQS News ID: | 1337547 |
End of Announcement | EQS News Service |
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