Russian retailer X5 Retail Group’s bottom line improved in the third quarter year-on-year – but its sales slid and operating profit fell.
X5 booked a net profit of US$12.1m for the three months to the end of September, compared to a forex-affected loss of $2.1m a year earlier.
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However, the retailer’s net sales fell 0.2% to $3.62bn as sales from its hypermarkets tumbled by more than 18%. X5’s operating profit came under pressure, slipping 15.4% to $98.2m.
The third-quarter results contributed to a 12% fall in net profit in the first nine months of the year to $147.3m.
Click here for our BRICs and beyond column, published in August after X5’s half-year results, on why the next 12 months will be a telling year in the retailer’s future.
Click here for the full release Q3 release from X5.
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