X5 grocery retailer first quarter revenue up 48%
2011-04-08 17:35:20
Russia's largest grocery chain X5 Retail Group posted a 48% year-on-year rise in revenues to 111.989 billion rubles in the first quarter of 2011, the company said in a statement on Friday.
Revenue increased 51% to $3.826 billion in dollar terms.
X5's net retail sales growth amounted to 29%, excluding the results for the recently purchased Kopeika discount chain.
Like-for-like (LFL) sales grew 12%, with X5's supermarkets LFL sales improving as purchasing power recovered, the firm says.
X5 also opened 80 discounters, two supermarkets, two nationwide stores and closed eight Kopeika stores, increasing its selling space by 16,000 square meters in the reporting period.
The company plans to rebrand Kopeika by the end of 2011, the statement quoted X5 CEO Andrei Gusev as saying. LFL sales growth in recently upgraded stores has reached 20%, he said.