Shares in X5 Retail Group climbed this morning (12 November) after the Russian retailer booked higher third-quarter sales and profits.

The retailer, which operates over 4,100 stores in Russia, booked an 80.8% increase in operating profit to US$177.6m for the three months to the end of September.

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X5 said its gross margin improved by 225 basis points in the third quarter, primarily due to “improved conditions from suppliers”.

Net sales increased 4.3% to $3.77bn. Sales from X5’s Pyaterochka soft discount stores and Karusel hypermarkets were up, although sales from its Perekrestok supermarkets dipped 0.8%.

X5 posted a net profit of $70m for the quarter, up sharply from the third quarter of 2012 when it recorded earnings of $12.1m and when it booked costs from foreign exchange.

Shares in London-listed X5 were up 6.74% at 17.43p at 11:38 GMT.

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Click here for the full release from the retailer.

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