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.
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