RUSSIA: X5 sales driven by discount format
X5 Retail Group, Russia's largest retailer by sales, reported an 8.3% rise in net sales for fiscal 2012, driven by higher revenues at the group's discount formats.
The company said net sales for the year grew to RUB490.09bn (US$16.2bn) in the 12 month period. Fourth-quarter sales growth accelerated slightly, up 8.6% on the year.
The rise in sales was primarily driven by sales growth at discounters, convenience and supermarket growth lagged slightly. The company said growth reflected store openings, an improved performance from maturing stores and promotional activity. However, hypermarket sales continued to decline, the group added.
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