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May 31, 2006

RUSSIA: Pyaterochka and Perekrestok announce solid Q1

The supermarket operators Pyaterochka Holding NV and Perekrestok, who closed a merger deal on 18 May, have reported their first quarter financial performance separately on a stand-alone basis. Both retailers reported strong sales growth and EBITDA.

The supermarket operators Pyaterochka Holding NV and Perekrestok, who closed a merger deal on 18 May, have reported their first quarter financial performance separately on a stand-alone basis. Both retailers reported strong sales growth and EBITDA.

Pyaterochka reported a 41% sales growth in the quarter, driving a 54% increase in gross profits to US$108.7m and EBITDA of $47m, up 30%.

The group, which has a strong presence in the important markets of St Petersburg and Moscow, said that like-for-like sales rose by 7%, with sales in Moscow up 15% and St Petersburg sales down 1%.

Pyaterochka said that its store-opening programis on track, with 26 new stores opened in the quarter, of which 18 were in Moscow and 8 were in St Petersburg. Pyaterochka intends to open 130 new company-managed stores in 2006.

Perekrestok reported an increase in sales of 45%, up to $323.4m. Gross profit for the quarter increased by 55% to $91.9m and EBITDA rose by 70% to $22.8m.

Perekrestock’s like-for-like sales rose by 15%, with Moscow store sales increasing 12%.

Likewise, store openings at Perekrestock are also on-track, the company said. It intends to open 40 new stores by the end of the year.

The merged firms form the largest grocery retailer in Russia and plan to publish their first consolidated group financials for H1 in September. The company has already begun work on integration plans, and management said that it is confident that results of the joint work of both operating companies will be visible as early as the full year 2006 results.

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