One of Russia’s big three e-commerce company says it is sticking with its forecast for turnover growth of 80% this year, despite the sanctions and economic slowdown, Tass reported on August 23.
E-commerce sites have benefited from the war as consumers have gone online to find goods that have disappeared from the stores after some 1,000 foreign brands pulled out of Russia.
Turnover at online retail sites is up 1.5-fold this year as the leading e-commerce companies actively organise parallel imports via “friendly nations.”
Ozon’s chief financial officer Igor Gerasimov presented its financial results for the second quarter and first six months of 2022 on August 23.
"We continue working on improvements of economic parameters and at the same time maintain our turnover growth forecast of at least 80% in this year," Gerasimov said during the presentation.
Ozon posted a 73% increase in revenues year on year to RUB122bn ($2bn) in the first half of 2022, but losses rose by 19% to RUB26.2bn ($435.7mn), the company said. The company’s financial standing has been hurt by the strong ruble as the imports of goods that have otherwise disappeared from the Russian market increase.