Russia's X5 Retail Group has reported a year-on-year net retail sales growth of 15.3% in the first quarter of its financial year.
Growth was driven by a 5.0% increase in like-for-like sales and a 10.3% sales growth from a 15.1% rise in selling space.
Net retail sales for X5’s core formats Pyaterochka and Perekrestok grew by 16.3% and 20.3% year-on-year, respectively.
Store Optimisation
Karusel’s net retail sales declined by 1.4% year-on-year in this quarter due to the closure of one hypermarket, and the transfer of two stores to Perekrestok. The move was in line with the format’s strategy of optimising its store portfolio.
The retail group opened 348 new stores in this quarter.
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: The European Supermarket Magazine.
