X5 Retail Group, Russia's largest food retailer, has reported that revenue jumped 41 per cent during the fourth quarter (Q4) of 2008, with retail sales jumping to €1.81bn from €1.3bn the previous year.
The boom was attributed to new store openings and the acquisition of the Carousel chain, which saw the group take on an additional 51,000m2 of extra selling space in the country.
'In the current environment it is important to be not just a big company but to be an efficient company,' group CEO Lev Khasis told local press. 'We have two main priorities for next year. One is to service our debts and the second is to use all the unbelievable opportunities we see in this market environment for our expansion and for our development.'
For the full year, revenue increased by 57 per cent to hit €6.3bn, with sales at stores open for at least a full year rose 22 per cent, beating X5's forecast of 20 per cent.
