X5 Retail Group, Russia’s largest food retailer by sales, has seen third-quarter sales jump 20%.
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The company said today (11 October) that like-for-like sales during the three months to the end of September had risen by 20% in roubles – and increased by 26% in US dollars.
X5 saw sales in and around Moscow had jumped 25%, while sales in the north-west region – in and around St. Petersburg, had increased by 12%.
“We succeeded in our effort to overcome the traditional summer slow-down pattern, and are pleased to demonstrate even stronger results vs. Q2, especially in our core Moscow market,” said COO Antonio Melo.
“Our operations in the regions outside Moscow and St. Petersburg, another geographical priority for the group, also show outstanding improvements, first of all in the key Samara and Nizhniy Novgorod areas.”
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By GlobalDataEarlier this week, X5 agreed to form a joint venture to run convenience store franchises in and around the cities of Moscow and St. Petersburg.
X5, formed last year after the merger of the Pyaterochka and Perekrestok chains, will hold a 40% stake in the venture and has options to buy more shares in the years ahead.
