Russian retailer X5 Retail Group posted a 19% increase in net sales for the first half of 2010, attributing the results to the strong performance of its discount operations.
The company said today (9 July) that its net retail sales in rouble terms reached RUB155.51bn (USD5.17bn) in the first six months of 2010.
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Like-for-like sales grew 5% in rouble terms on the back of 2% traffic growth.
Like-for-like sales at its Pyaterochka discount stores grew 14% year-on-year over the first half, growing 11% in the second quarter.
During the second quarter, total net retail sales increased 18% year-on-year to reach RUB79.78bn or rose by 26% in US dollar terms to reach US$2.64bn.
Like-for-like sales grew 4% in RUB terms, supported by 2% traffic growth.
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By GlobalDataIn the second quarter, X5 added 73 net new stores, including 72 soft discount outlets, two hypermarkets and one supermarket store closure.
X5 also added some 42 convenience stores through the company’s acquisition of Express Retail.
