Russian supermarket chain Lenta has warned that the home retail market is still facing tough conditions as consumer spending continues to fall due to rising inflation.
Shoppers are spending less as “goods have become more expensive", said Lenta chief executive Jan Dunning.
The group expects to see an uplift in the third quarter of the year, he said, which will be helped by improved consumer confidence.
Sales at Lenta soared by 38 per cent in its first quarter. The group forecast full-year perfomance of 34 to 38 per cent growth.
"We must be very careful about the market because buyers have already started to change their behaviour, adapting to the country's economic conditions," said the retail giant last October.
In March, it was announced that Lenta has raised $225 million selling new shares for expansion.
© 2015 European Supermarket Magazine – your source for the latest retail news.
