X5 Retail Group posted a 46% year-on-year increase in first-quarter sales today (9 April), which the company said demonstrated the “resilience” of its multi-format approach.
Consolidated net retail sales for the quarter increased to RUB63.09bn (US$1.88bn), X5 said. The company said sales rose 5% in US dollar terms to US$1.9m from the same period a year ago.
On a pro-forma basis, net retail sales grew 28% year-on-year in rouble terms and declined 8% in US dollar terms due to a negative rouble devaluation effect of around 36%.
Like-for-like sales grew 13% in rouble terms year-on-year, driven by a 3% increase in customer traffic and a 10% increase in average basket.
X5 Retail Group CEO Lev Khasis said the figures were a result of the company’s “leading positions” in major cities and regions less impacted by trading down trends.
“Soft discounters were the clear winners, as Pyaterochka gained market share and strengthened its image as price leader,” Khasis said. “Supermarkets demonstrated healthy performance in Moscow, St. Petersburg and other large cities, partially offset by declines in certain regions more affected by economic downturn.”
Discounters’ customer traffic surged 6%, driving Pyaterochka’s like-for-like sales growth of 17% year-on-year.
The company added 43 stores on a net basis in the first quarter, including three hypermarkets, 38 soft discounters and two supermarkets.