Russian group X5 has reported that first-quarter sales increased by 20 per cent year-on-year, representing slowing growth on the 23 per cent recorded in the same period of 2009.
Total sales hit 75.8bn roubles (US$2.58bn) for the three-month period, with like-for-like sales holding steady at 7 per cent.
'As expected, we did not see improvements in consumer behaviour in the first quarter of 2010, as Russian consumers remained uncertian about their income levels and purchasing power,' X5's financial statement read.
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