RUSSIA: X5 confirms sale of Ukraine stores
X5 described Ukraine stores as "non-core"
Russia's X5 Retail Group has finalised a deal to sell its stores in Ukraine, marking its exit from the country.
The London-listed retailer said today (25 March) it had offloaded its Perekrestok supermarkets for an undisclosed sum.
X5 did not reveal the buyer of the stores but speculation last week had suggested local operator Varus would acquire the outlets.
At the end of 2013, X5 had 12 Perekrestok stores in Ukraine. X5 said the unit accounted for 0.3% of its sales.
Speaking to just-food, X5 said the sale was unrelated to the political crisis in Ukraine. The retailer insisted the stores were "non-core" and said the deal would allow its management to focus on continuing to improve the performance of its business in Russia.
X5 returned to profit in 2013, with sales up over 6%. Like-for-like sales grew 4%.
- Rabobank's early view on Brexit impact on food
- New food waste standard will help monitor progress
- Kellogg uses Kashi to finally join party - comment
- Tyrrells' growth plans - CEO interview, part two
- How could a TTIP affect the food industry?
- Brexit – Live reaction from food industry
- Kellogg to invest in "next-generation innovation"
- Post, ConAgra 'held talks' over Lamb Weston merger
- Mars takes UK chocolate brands into trail mixes
- German dairy DMK to pursue cost-cutting plans
- Top Trends in Snacks, Confectionery, and Desserts; Exploring consumer and innovation trends in key categories
- Frozen Bakery Products Market by Type, Distribution Channel, & by Region - Global Trends & Forecast to 2020
- Singapore Food and Drink Report Q3 2016
- Fast Food in India
- Country Analysis Report: Saudi Arabia, In-depth PESTLE Insights