Retailer O'Key lowers 2011 revenue forecast to 94 bln-97 bln rubles
MOSCOW. Oct 13 (Interfax) - O'Key has lowered its revenue forecast for 2011 to 94 billion-97 billion rubles, the Russian retailer's executives said in a conference call on Wednesday.
O'Key had earlier forecast that sales would grow to 97 billion-98 billion rubles for the year from 82.7 billion rubles in 2010.
The executives said the forecast was adjusted because most the new stores that the company planned to open this year would start operations in the fourth quarter.
The retailer plans to open eleven new hypermarkets in 2011. Two have already opened and the remaining nine are to be opened by the end of the year. However, the opening of three hypermarkets scheduled for the last two weeks of December could be postponed until January 2012 due to the schedule for the opening of new shopping centers.