Russian food retailer X5 Retail Group saw it sales rise 61% for the first quarter, as a result of strong consumer demand.
Sales increased to US$1.8bn for the three months to the end of March, compared to $1.1bn for the same period last year. Rouble-denominated sales revenue grew 49% to RUR43.1bn.
In rouble terms, first quarter like-for-like sales rose 29% and exceeded expectations, X5 said.
“Our market leadership, regional diversification and multi-format strategy enabled us to take advantage of positive macroeconomic performance and the rise in consumer spending,” said chief executive Lev Khasis.
The company confirmed it would be adding two new store concepts to its service offering. The first, Green Perekrestok, is a supermarket that will focus on the country’s growing high-end consumer market.
The second, Mercado Supercenter, is a hypermarket built on the experience of European retailers and adapted to the Russian consumer market.
The company did not confirm when the new stores will open.