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Russian Food Retailer O’Key Cuts Sales Target on Store Delays

O’Key Group SA, a Russian food retailer that focuses on large supermarkets, cut its sales-growth target after saying delays in opening stores last year will weigh on 2013 revenue.

Chief Executive Officer Patrick Longuet now wants to increase sales by 24 percent to 28 percent this year, compared with an earlier target of 30 percent.

“Some stores we planned to open in the fourth quarter were delayed to 2013,” Longuet said on a conference call, commenting on why the company cut its target.

Revenue rose 26 percent last year to 116 billion rubles ($3.8 billion) as O’Key added stores and increased sales from existing units, the company said in a statement today. O’Key shares have advanced 71 percent in the last year and are still trading below the record reached after the company’s 2010 initial public offering.

O’Key wants to increase selling space by 30 percent a year, Longuet said today, declining to provide a store-opening target for 2013. Selling space rose 24 percent to 428,000 square meters (4.6 million square feet) last year, according to the company.

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