Russian grocery retailer X5 Retail Group said today (11 October) that its like-for-like sales accelerated during the third quarter of the year.
X5, Russia’s largest retailer by sales, posted a 6% increase in like-for-like sales for the three months to the end of September, as customer traffic rose 4%. The retailer’s like-for-like sales in the second quarter were up 5%, when traffic increased 3%.
The company’s total net retail sales increased 21% year-on-year to RUB79.8m (US$2.67bn) in ruble terms and 24% in US dollar terms thanks also to new store openings. X5 added 116 stores on a net basis in the first nine months of 2010.
CEO Lev Khasis said: “X5 delivered its best performance of 2010 this quarter. Raising sales densities and efficiency to X5 levels is a key priority for us following the Paterson integration in first half of 2010, while we continue to improve overall supermarket format performance with price promotions and assortment changes to benefit from future economic recovery. Despite weak consumer spending, X5’s business is building momentum and we are well on track to deliver on the company’s growth outlook for the year.”
For the first nine months of the year, the firm booked a 20% lift in net retail sales in ruble terms to RUB235m and 29% in US dollar terms. Like-for-like sales grew 5%.
Shares increased RUB0.76 or 1.85% to reach RUB41.76 at 11.58am BST in trading today.