Although the result of the S Group improved marginally in early 2014, the retaliatory sanctions introduced by Russia cast dark clouds over the outlook for the three Sokos hotels and 17 Prisma supermarkets operated by SOK in St. Petersburg. The sanctions, the S Group estimates, have especially reduced business travel to St Petersburg.
HS in English
Sanctions cloud outlook for S Group
Meanwhile, the net sales of Sokos hotels have slipped by over ten per cent year-on-year in the face of sliding Russian rouble and slumping demand.