Russian grocery retailer Lenta recorded a 27% increase in sales during 2010, despite ongoing disputes within the retailer’s board.
For 2010, sales excluding VAT reached RUB70.6bn (US2.34bn), while sales volumes increased by 31% against the previous year.
During 2011, the company plans to open eight new outlets in the Siberian – Ural, Southern – Volga and the Northwest regions of the country, of 12,000 square metres each.
Lenta is still struggling to appoint a new CEO as part of ongoing disputes between shareholder groups Luna and Svoboda over who should lead the retailer.
However, sources told just-food today (14 January) that the Russian Arbitrage Court has now ruled in favour of the appointment of Sergei Yushenko as CEO, but that 30% shareholder, Luna, will appeal the decision.
According to the source, further disputes between the two parties are being heard in London by a tribunal.