Russian food retailer X5 Retail Group has posted a leap in first-half profits thanks to buoyant like-for-like sales.
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X5, Russia’s largest food retailer by sales, booked a 74% rise in EBITDA to US$212m for six months to the end of June.
The company said that during the first half like-for-like sales had increased by 23% in US dollar terms and by 16% in local currency, with the first positive traffic indicator in recent years for Pyaterochka stores in the St Petersburg region, Russia’s most competitive market.
The company said it added approximately 50,000 sq m of net selling space in the first half. On a consolidated basis, X5 saw turnover jump 49% to $2.4bn.
“Our financial results figures reinforce our leadership position in the Russian market,” said CEO Lev Khasis. “The group is showing outstanding progress in all formats and across its areas of operation, with especially encouraging results in the Russian regions.
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By GlobalData“We are continuing to implement our growth strategy and see major opportunities for the group in the market in the remaining months of 2007.”
