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August 13, 2013

RUSSIA: X5 Retail H1 earnings climb

Russian retail giant X5 Retail Group saw its earnings climb in the first half of the year, driven by increased sales from new store openings.

Russian retail giant X5 Retail Group saw its earnings climb in the first half of the year, driven by increased sales from new store openings.

Earnings were up 2.7% to US$138.8m in the six months to the end of June, the retailer reported today (13 August). Operating profit increased 5.5% to $357.2m.

Sales reached $8.38bn, a 6.7% increase on the prior year period, primarily due to organic store additions, price inflation, the positive performance of maturing stores, and ongoing promotional activities.

Like-for-like sales, however, were flat in the period, with sales at X5’s largest format, soft discounters, down.

At 30 June, X5 had 4,031 company-operated stores. Its base includes 3,419 soft discounter stores, 378 supermarkets, 79 hypermarkets and 155 convenience stores.

Click here to view the full earnings release.

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