Russia’s largest grocery retailer X5 Retail Group recorded a 35% increase in consolidated sales for the fourth quarter of 2010, driven by improved customer spending, organic growth and the recently-acquired Kopeyka chain.
For the quarter ended 31 December, sales reached RUB105.26bn (US$3.53bn), with like-for-like sales up 10%, which it attributed to “healthy” discounter and improving supermarket trends.
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For the full year, sales rose 24% to reach RUB341.59bn, while like-for-like sales were up 7%, with traffic up 3%.
Including the acquisition of Kopeyka, secured late last year, X5 added some 1,100 stores over the year.
The retailer announced that, in 2011, it plans to increase sales by 40% and add 540 new stores.
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“Soft discounters delivered healthy like-for-like sales growth of 13% in the fourth quarter of 2010 against a very strong base last year. Supermarkets improved significantly with 11% like-for-like growth and a 9% year-on-year increase in basket supported by recovery in consumer spending,” said CEO Lev Khasis.
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