Russian retail leader X5 Group has posted an improved set of yearly results for 2011, with consolidated net sales up 32 per cent to R452.5bn (€).
According to the group, like-for-like sales grew 6 per cent, with 1 per cent drop in customer traffic but a 7 per cent increase in average basket, Planet Retail reported.
CEO Andrei Gusev noted that while the company's performance in 2010 and the first-half of 2011 profited from stronger consumer spending and trading up trends, bolstered by economic recovery, the situation had reversed by the second half of the year.
The grocery retailer added 577 stores to its portfolio in 2011, comprising 526 Pyaterochka stores, 20 Perekrestok outlets, six Karusel hypermarkets and 25 convenience stores, bringing its total to 3,002 outlets.
