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%.
X5 Retail Group became more active in 2011-2012, and opened four new stores. X5 Retail Group plans to continue its expansion, and open new stores itself, as well as through franchising schemes. One of...
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