Russian food retailer O'Key said on Friday that retail revenues rose 12 percent in the second quarter, a deceleration from the 12.6 percent recorded in the first quarter.
O'Key in April lowered its sales growth forecast for the year to 12-16 percent from 15-19 percent. It is increasing advertising and promotions to try to attract customers. Like-for-like sales rose 3.8 percent versus 4.1 percent in the first quarter, it said.
The company, which has struggled to meet its expansion targets, recently replaced its chief executive officer after predicting that its 2014 revenue growth would not exceed last year's.
