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Q1 2022 operating highlights

Group net retail revenue[1] increased by 9.3% YoY to RUB 47.3 bn in Q1 2022, driven by both hypermarkets and discounters LFL growth and supported by online sales and the discounter chain expansion.

O`KEY hypermarkets’ net retail revenue stood almost flat YoY at RUB 35.9 bn in Q1 2022 vs RUB 36.0 bn in Q1 2021, primarily due to a selling space reduction. In Q1 2022, in the course of ongoing store portfolio revision and optimisation, the Group closed two O’KEY stores in Saratov and one supermarket in Moscow.

DA! discounters continued to demonstrate one of the highest growth rates in the sector and delivered an impressive 57.6% YoY net retail revenue growth to RUB 11.4 bn in Q1 2022. This was driven by a 33.0% LFL net retail revenue increase and a 32.3% YoY expansion of selling space.

DA! discounters’ share in the Group’s revenue rose by 7.4 pp YoY to 24.1% in Q1 2022.

Total online sales grew by 64.5% YoY to RUB 1.6 bn and reached 4.5% of O`KEY’s net retail revenue in Q1 2022.

The Group expects that the discounters and online business will continue to spearhead growth in the medium term.

Key events after the reporting date

Current geopolitical situation and market volatility, attributable to the global economic environment, currency and stock markets, as well as substantial currency exchange fluctuations are presumed to affect companies across all the sectors of the economy. We are thoroughly analysing the possible influence of the evolving macroeconomic conditions and changes in the retail market on the O’KEY Group’s financial and operational results in mid-term and beyond.

For years, the Group has been cooperating with local producers: around 80% of the Company's purchases are accounted for by products made by Russian producers. This is specifically relevant in terms of evolving the O`KEY's and DA!’s own brands. The Company is also involved in developing programmes to support local producers and therefore takes part in regional and national quality initiatives, especially, in the Group’s core Northwest and Central regions of Russia.

Since March 2022, the Group has been redirecting logistics flows where necessary to provide uninterrupted supply and meet the demand of our customers. The Company makes best efforts to optimise logistic costs, provide effective inventory management and assure full on-shelf availability for its hypermarket and discounter chains, and online.

Despite the current situation, we strive to run our business smoothly offering our customers the best value proposition and impeccable service. We continue to implement our strategy and accomplish the goals. Our well-balanced business model and established corporate governance system offer a significant hedge against market volatility and enable us to serve the interests of all our stakeholders.

In April 2022, the Group opened four new hypermarkets under the O’KEY brand in the Moscow Region to replace stores it had acquired from X5 Group.

The full text of the announcement is available at

In April 2022, the Company opened four new DA! discounters in the Central Federal District of Russia.

Operating review

Group Net Retail Revenue in Q1 2022

Net Retail Revenue, RUB mln (excl. VAT)

Q1 2022

Q1 2021

YoY, %

O’KEY Group




O'KEY hypermarkets




DA! discounters




Group Net Retail Revenue Metrics for Q1 2022

Net Retail Revenue, %

Q1 2022 vs Q1 2021

Net retail revenue


Average ticket

O’KEY Group




O'KEY hypermarkets




DA! discounters




Group LFL Net Retail Revenue Performance in Q1 2022

LFL Net Retail Revenue, %

Q1 2022 vs Q1 2021

LFL net retail revenue

LFL traffic

LFL average ticket

O’KEY Group




O'KEY hypermarkets




DA! discounters




Note: Q1 2022 LFL metrics are calculated based on 74 O`KEY and 117 DA! stores.

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

Stores and Selling Space

Q1 2022

Q1 2021

Net change

Change, %

Number of stores, EoP





O'KEY hypermarkets





DA! discounters





Total selling space (sq m), EoP





O'KEY hypermarkets





DA! discounters





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 619,068 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.

[1] Hereinafter, net retail revenue, LFL net retail revenue, and the average ticket metrics are provided net of VAT.