============
O'KEY Group S.A. (OKEY)
O`KEY GROUP REPORTS 5.2% NET RETAIL REVENUE GROWTH, DA! DISCOUNTERS
REVENUE GREW 22.1% IN Q4 2023
31-Jan-2024 / 07:45 CET/CEST
══════════════════════════════════════════════════════════════════════════
Press release
31 January 2024
O`KEY GROUP REPORTS 5.2% NET RETAIL REVENUE GROWTH,
DA! DISCOUNTERS REVENUE GREW 22.1% IN Q4 2023
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 fourth quarter (Q4) and the twelve months (12M) of 2023.
All materials published by the Group are available on its website at
1 www.okeygroup.lu.
Q4 2023 operating highlights
• Group net retail revenue 2 1 grew by 5.2% YoY to RUB 58.5 bn, driven
by positive LFL performance of both O’KEY and DA! chains, discounters’
expansion and O’KEY’s online sales growth.
• O`KEY hypermarkets’ net retail revenue decreased by 0.7% to
RUB 40.9 bn in Q4 2023 mainly due to a selling space decrease offset
partially by an increase in LFL sales.
• O`KEY’s total online sales rose by 25.1% YoY to RUB 2.3 bn,
reaching 5.7% of O`KEY's net retail revenue.
• DA! discounters' net retail revenue increased by 22.1% YoY to
RUB 17.5 bn, led by both LFL net retail revenue growth and the chain’s
expansion.
12M 2023 operating highlights
• Group net retail revenue increased by 2.8% YoY to RUB 205.8 bn
• O`KEY hypermarkets’ net retail revenue decreased by 3.4% YoY to RUB
141.9 bn due to a decrease in LFL revenue and selling space.
• O`KEY’s total online sales rose by 24.0% YoY to RUB 7.7 bn,
representing 5.4% of O`KEY's net retail revenue.
• DA! discounters’ net retail revenue grew by 19.8% YoY to RUB 63.8 bn,
led by LFL revenue and selling space growth.
• DA! discounters’ share in the Group’s net retail revenue grew to
31.0%.
• The Group opened 26 DA! stores, bringing the total to 220 by the end
of 2023.
Operating review
Group Net Retail Revenue in Q4 and 12M 2023
Net Retail Revenue, RUB Q4 2023 Q4 2022 YoY, % 12M 2023 12M 2022 YoY, %
mln (excl. VAT)
O`KEY Group 58,460 55,589 5.2% 205,772 200,201 2.8%
O`KEY hypermarkets 40,934 41,235 (0.7%) 141,947 146,904 (3.4%)
DA! discounters 17,527 14,355 22.1% 63,825 53,297 19.8%
Group Net Retail Revenue Metrics for Q4 and 12M 2023
Q4 2023 vs. Q4 2022 12M 2023 vs. 12M 2022
Net Retail Net retail Average Net Average
Revenue, % revenue Traffic ticket retail Traffic ticket
revenue
O`KEY Group 5.2% 1.4% 3.7% 2.8% 2.3% 0.4%
O`KEY (0.7%) (7.2%) 6.9% (3.4%) (6.0%) 2.8%
hypermarkets
DA! discounters 22.1% 14.2% 6.9% 19.8% 14.8% 4.3%
Group Like-for-Like Net Retail Revenue Performance in Q4 and 12M 2023
Q4 2023 vs. Q4 2022 12M 2023 vs. 12M 2022
LFL Net Retail Revenue, Net retail Average Net Average
% revenue Traffic ticket retail Traffic ticket
revenue
O`KEY Group 1.7% (4.2%) 6.2% (1.6%) (4.0%) 2.5%
O`KEY hypermarkets 0.3% (6.3%) 7.1% (3.3%) (5.9%) 2.8%
DA! discounters 5.7% (1.1%) 7.0% 3.0% (1.2%) 4.3%
Note: 4Q 2023 LFL metrics are calculated based on 76 O`KEY and 181 DA!
stores.
In Q4 2023, the Group’s net retail revenue increased by 5.2% YoY to
RUB 58,460 mln, led by the LFL revenue of the two chains and O`KEY's
online revenue growth, as well as the discounter business expansion. In
12M 2023, the Group’s net retail revenue increased by 2.8% YoY to
RUB 205,772 mln.
Net retail revenue of O`KEY hypermarkets declined by 0.7% YoY to
RUB 40,934 mln in Q4 2023 due to a selling space decrease offset partially
by an LFL net retail revenue increase. Net retail revenue of O`KEY
hypermarkets totalled RUB 141,947 mln in 12M 2023.
O`KEY’s total online sales rose by 25.1% YoY to RUB 2,323 mln, reaching
5.4% of O’KEY’s net retail revenue in Q4 2023. Total online sales amounted
to RUB 7,671 mln in 12M 2023.
In Q4 2023, DA! discounters’ net retail revenue increased by 22.1% YoY to
RUB 17,527 mln, driven by 5.7% LFL revenue growth and an increase in
selling space. In 12M 2023, DA! discounters’ net retail revenue grew by
19.8% YoY to reach RUB 63,825 mln, accounting for 31% of the Group’s net
retail revenue.
Group Stores and Selling Space in 12M 2023
Stores and Selling Space 12M 2023 12M 2022 Net change Change, %
Number of stores, EoP 297 273 24 8.8%
O`KEY hypermarkets 77 79 (2) (2.5%)
DA! discounters 220 194 26 13.4%
Total selling space (sq 663,865 656,688 7,177 1.1%
m), EoP
O`KEY hypermarkets 515,795 525,829 (10,034) (1.9%)
DA! discounters 148,070 130,859 17,211 13.2%
In 12M 2023, as part of the ongoing real estate portfolio review and
optimisation, the Group closed 3 and opened 1 O`KEY hypermarket.
Additionally, 3 O`KEY stores saw reduction in their sellng space in 2023.
As a result, O’KEY selling space dreceased by 10,034 sq m, or 1.9% YoY, in
2023.
In 12M 2023, the Group opened 26 discounters (net of closures) under the
DA! brand.
As of 31 December 2023, the Group operated 77 O`KEY hypermarkets and
220 DA! discounters with a total selling space of 663,865 sq m.
For more information, please contact:
Natalya Belyavskaya
Head of Investor Relations
+7 495 663 6677 ext. 266
3 Natalya.Belyavskaya@okmarket.ru
4 www.okeygroup.lu
ABOUT O`KEY GROUP
O`KEY Group S.A. (AIX, 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 December 2023, the Group operated 297 stores across Russia
(77 hypermarkets and 220 discounters) with a total selling space of
663,865 sq m. O`KEY opened its first hypermarket in St Petersburg in 2002
and has since demonstrated continuous growth. It was the first Russian
food retailer to launch e-commerce operations offering a full range of
hypermarket products for home delivery. The Group operates e-commerce
pick-up and delivery points in 36 O’KEY hypermarkets: twelve in Moscow,
nineteen in St Petersburg, one in Sochi, and four in Krasnodar. In 2015,
we 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 – and employs 21,900 people.
In 2022, the Group’s revenue amounted to RUB 202.2 bn, and EBITDA reached
RUB 17.0 bn.
The O`KEY Group shareholder structure is as follows: NISEMAX Co Ltd –
49.11%. GSU Ltd – 34.14%, free-float and other holders – 16.75%.
DISCLAIMER
These materials contain statements about future events and expectations
that are forward-looking statements. These statements typically include
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.
══════════════════════════════════════════════════════════════════════════
5 1 Hereinafter the net retail revenue, LFL net retail revenue, and
online revenue metrics are provided net of VAT.
══════════════════════════════════════════════════════════════════════════
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
══════════════════════════════════════════════════════════════════════════
ISIN: US6708662019
Category Code: ACS
TIDM: OKEY
LEI Code: 213800133YYU23T4L791
Sequence No.: 300632
EQS News ID: 1826275
End of Announcement EQS News Service
══════════════════════════════════════════════════════════════════════════
6 fncls.ssp?fn=show_t_gif&application_id=1826275&application_name=news&site_id=refinitiv
References
Visible links
1. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=165d1384cdd074f733b492a43c94ae37&application_id=1826275&site_id=refinitiv&application_name=news
2. file:///data/ucdp/tmp/xhtmlconvert_parsn_eqs_2CEVaqrz.html#_ftn1
3. mailto:Natalya.Belyavskaya@okmarket.ru
4. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=165d1384cdd074f733b492a43c94ae37&application_id=1826275&site_id=refinitiv&application_name=news
5. file:///data/ucdp/tmp/xhtmlconvert_parsn_eqs_2CEVaqrz.html#_ftnref1
============