Russian retail giant X5 Retail Group has booked an increase in first-half sales, boosted by price increases and store openings.
In the six months to the end of June, sales were up 7.9% to RUR259.37bn, the retailer reported today. X5 recorded its largest increase from its c-stores where revenues were up 83%. Supermarkets recorded 5.9% sales growth, while hypermarket sales were up 2.7% in the period.
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However, like-for-like sales were flat, with sales at X5’s largest format, soft discounters, down.
Net retail sales for the second quarter increased 7.8% to RUR133.1m. X5 said growth was driven by selling space expansion, price inflation and the “positive performance” of maturing stores added over the past two years.
Like-for-like sales in the quarter, however, declined by 0.4% driven by a 4% decrease in customer traffic, which was offset by a 3.8% increase in the average basket.
In all, the retailer opened 229 stores in the six-month period, increasing its selling space by 4%.
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By GlobalDataClick here to view the full earnings release.
