Russia's X5 Retail Group has posted a 26.5% increase in year-on-year revenue in the first quarter of the year, 'on the back of strong like-for-like sales and solid selling space expansion', the retailer said.
The group added a total of 630 new stores in the period, compared to 377 new stores opening during the same period last year.
Sales Growth
Its Pyaterochka banner was the main driver of the retailer's growth in the period; net retail sales at the chain rose by 30.1%.
X5 added that its traffic growth of 4.6% year-on-year in Q1 2017 was the highest quarterly increase since the fourth quarter of 2009. Like-for-like traffic was positive for all major formats for each month of the quarter.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: The European Supermarket Magazine.
