RUSSIA: X5 Retail H1 sales climb
X5 recorded its largest increase from its c-stores
Russian retail giant X5 Retail Group has booked an increase in first-half sales, boosted by price increases and store openings.
In the six months to the end of June, sales were up 7.9% to RUR259.37bn, the retailer reported today. X5 recorded its largest increase from its c-stores where revenues were up 83%. Supermarkets recorded 5.9% sales growth, while hypermarket sales were up 2.7% in the period.
However, like-for-like sales were flat, with sales at X5's largest format, soft discounters, down.
Net retail sales for the second quarter increased 7.8% to RUR133.1m. X5 said growth was driven by selling space expansion, price inflation and the "positive performance" of maturing stores added over the past two years.
Like-for-like sales in the quarter, however, declined by 0.4% driven by a 4% decrease in customer traffic, which was offset by a 3.8% increase in the average basket.
In all, the retailer opened 229 stores in the six-month period, increasing its selling space by 4%.
Click here to view the full earnings release.
- 2017: three major drivers of M&A strategy
- Comment: Premier has more to ponder than Brexit
- The food market in 2017 - consumer trends and M&A
- Trump seen as negative for global food trade
- Analysis: B&G Foods balancing growth and decline
- Premier Foods issues profit warning
- Nestle mum on Mead Johnson takeover talk
- Mondelez sells Vegemite to Bega
- Kellogg to slash 250 jobs
- Emmi to buy dessert maker Italian Fresh Foods