X5 Retail Group, Russia’s largest food retailer in terms of sales, has issued a statement distancing the company from revenue predictions presented by X5 CFO Vitaliy Podolskiy at the Russian CFO summit held today (26 October).
In his presentation, Podolskiy referred to analysts’ revenue predictions for the company’s full year. According to analysts, the group, which owns the Pyaterochks and Perekriostok chains, is likely to generate revenues in the region of US$3.45bn for fiscal 2006, $1.98bn from sales at Pyaterochka and $1.45bn from Perekriostock.
While some media reports presented these figures as the company’s predictions, X5 was quick to point out that they were in fact figures offered by independent analysts. “Therefore, the revenue projections which Mr. Podolskiy referred to in his presentation should not be interpreted as the company’s own projections, nor attributed to the Group CFO’s views,” X5 said in a statement.