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.
- Why Mars rice plan not just crop-ticking exercise
- ConAgra Foods: what could happen next? - analysis
- Greencore's food-to-go focus paying dividends
- Interview: Ritter sees growth potential in US, EU
- How Danone aims to meet its 2020 objectives
- Pinnacle to buy Boulder Brands in $975m deal
- Aryzta regional CEO steps down
- Maple Leaf Foods to cut over 400 jobs
- Hovis plans cuts amid anxiety over UK bread demand
- "Serious" suitors lined up for Chicken of The Sea