OKey 2H 19e Earnings Preview - 2H 19e should have seasonally higher profitability hoh
Okey is going to release its 2H 19 IFRS results. We expect a seasonal hoh improvement in the EBITDA margin whereas we forecast the net income to decline hoh as it was positively affected by FX gain in 1H 19. Since the company no longer releases numbers under IAS 17 and as there are no figures for 2H 18 under IFRS 16, a yoy comparison does not make sense.O'key Group is a Russian retailer. Co.'s principal business activity is operation of retail chain in Russia under brand name O'KEY. Co. provides customers with fresh produce (fresh foods and delicatessen products) and non-food goods (cosmetics, clothing, shoes, household cleaning products, domestic appliances, toys, sports and fitness products, etc.). Co.'s stores follow two formats: hypermarkets and supermarkets. Co. manages approximately 71 stores (42 hypermarkets and 29 supermarkets) across North Western, Southern, Central, Urals and Siberian regions.
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