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November 12, 2013

RUSSIA: X5 shares up on higher sales, profits

Shares in X5 Retail Group climbed this morning (12 November) after the Russian retailer booked higher third-quarter sales and profits.

By Dean Best

Shares in X5 Retail Group climbed this morning (12 November) after the Russian retailer booked higher third-quarter sales and profits.

The retailer, which operates over 4,100 stores in Russia, booked an 80.8% increase in operating profit to US$177.6m for the three months to the end of September.

X5 said its gross margin improved by 225 basis points in the third quarter, primarily due to “improved conditions from suppliers”.

Net sales increased 4.3% to $3.77bn. Sales from X5’s Pyaterochka soft discount stores and Karusel hypermarkets were up, although sales from its Perekrestok supermarkets dipped 0.8%.

X5 posted a net profit of $70m for the quarter, up sharply from the third quarter of 2012 when it recorded earnings of $12.1m and when it booked costs from foreign exchange.

Shares in London-listed X5 were up 6.74% at 17.43p at 11:38 GMT.

Click here for the full release from the retailer.

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