April 19, 2018 / 7:43 AM / a month ago

Harsh winter hits Russian shoe retailer Obuv Rossii

April 19 (Reuters) - Russian footwear retailer Obuv Rossii said its like-for-like sales dropped 10.9 percent in the first quarter, blaming a harsh winter and noting that sales have rebounded this month.

Russia’s second-largest footwear retailer said it was on track to open 100 stores in the country this year.

Russia was hit by a harsh winter and late spring and the company said that was a factor in the sharp drop in like-for-like sales in the first quarter.

However, it reported a record 16 percent growth in like-for-like sales in the first two weeks of April.

Revenue in the first quarter jumped 6.1 percent to 2.26 billion roubles ($37 million), the company said. It opened 34 stores in January-March.

“In 2018, the Russian shoe market has been maintaining positive dynamics, demand is gradually growing.”, CEO Anton Titov said in a statement.

Obuv Rossii’s shares were up 0.5 percent in Moscow trade. ($1 = 60.8330 roubles) (Reporting by Anna Pruchnicka; Editing by Susan Fenton)

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