RUSSIA: Increase in H1 sales for Seventh Continent
Russian retailer Seventh Continent reported a 13% increase in first-half retail sales today (14 July) to RUR23.7bn (US$732m).
Like-for-like sales increased 4.8% for the six-month period, driven by traffic growth of 1.7% and average ticket growth of 3.1%.
Based on management accounts the company's first-half, gross retail sales reached RUR23.7bn.
During the first half, Seventh Continent opened two supermarkets and one hypermarket, which subsequently closed due to poor financial results.
In May, French retail giant Carrefour was reported to be looking to buy a 75% stake in Seventh Continent.
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