X5 Retail Group, the Russian grocer, today (29 May) reported a jump in first-quarter profits as it continued to enjoy robust sales growth.
The company booked operating profit of US$119m for the three months to the end of March, a rise of 69% on the year. Net sales climbed 61% to $1.8bn. The company did not disclose a like-for-like sales figure.
X5, which has over 1,600 company-managed and franchised stores in Russia, Ukraine and Kazakhstan, said the results were “in line with management expectations”.
“After delivering a very strong operating performance in the first quarter of the year, we are happy to report healthy financial results for the period,” said CFO Evgeny Kornilov.