X5 Retail Group today (27 August) booked a 68% drop in net profits in dollar terms, despite posting sales gains that outpaced its peers.
Go deeper with GlobalData
Net profits fell to US$48.3m in the first half, down from $152.9m in the comparable period of last year, as the weakness of the Russian rouble hit profits in dollar terms.
However, consolidated net sales at Russia’s largest retailer increased 46% year-on-year in rouble terms to RUB131.5bn. In dollar terms, sales rose 6% in US$3.98bn.
“In the first half of the year X5 delivered the highest like-for-like sales growth among Russian peers thanks to our “close-to-the-customer” approach and flexibility of X5’s multi-format business model,” said CEO Lev Khasis.
X5 is focusing on fine-tuning its formats to “achieve clear distinction between value propositions and ensure long-term multi-format success”, with current proirities centred around developing a private-label offering, Khasis added.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
