RUSSIA: Supermarket sales drive X5's Q1 growth
X5 Retail Group said today (8 April) it saw an acceleration in like-for-like sales growth from its supermarkets during the first quarter of 2011, as net sales at Russia's largest retailer by sales surged.
For the first quarter ended 31 March, consolidated net retail sales were up 48% year-on-year in rouble terms to reach RUB111.9bn (US$3.98bn). Sales rose 51% in US dollar terms to US$3.8bn.
On an organic basis, sales were up 29%. Recently-acquired discounter Kopeyka contribued around 19 percentage points of growth to the company's first-quarter sales.
Like-for-like sales across the group were up 12% for the quarter. The company added that its supermarkets performed strongly on amid a trend among shoppers to trade up. X5's supermarkets recorded 19% like-for-like sales growth on a 9% increase in customer traffic and 10% basket growth.
Commenting on the results, recently-appointed CEO Andrei Gusev said: "The rebranding of an initial 45 Kopeyka stores in the first quarter delivered instant improvements in LFL sales performance, giving us confidence in the value of accelerating the integration timetable".
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X5 Retail Group, Russia's largest retailer by sales, has reported a strong first half, with double-digit growth in sales and profits....
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