X5 Retail Group has reported that net retail sales increased by 18 per cent in rouble terms through the second quarter of the year, climbing to R80bn (€2bn), with like-for-like sales up 4 per cent compared with the same period of 2009.
Russia's largest retailer by sales noted that 73 stores had been added on a net basis through the quarter, helping drive overall traffic growth of 2 per cent and adding 29,000m2 of selling space for discounters, supermarkets and hypermarkets.
The quarter helped push first-half sales up by 19 per cent overall in rouble terms to R155.5bn (€4bn), or 31 per cent in US dollar terms to US$5.1bn.
'During (the) current uneasy economic environment X5 is keeping its focus on constant enhancement through targeted price campaigns, promotions featuring unique offerings, continuous assortment improvement and upgrades to loyalty card programmes,' said CEO Lev Khasis. 'All these factors, coupled with increasing new store openings and solid momentum demonstrated by discounters, makes us confident in our outlook for 2010 top-line growth.'
Meanwhile, X5 has also announced that chief financial officer Evgeny Kornilov will leave the group in October after four years with the group, following his acceptance of a senior management position at another company.
'During a critical period for the company, Evegeny Kornilov has demonstrated time and again the importance of a good CFO,' said Mr Khasis. 'He was instrumental to X5's successful response to the financial crisis and economic downturn, and played a leading role in controlling costs, increasing capex discipline, improving working capital and strengthening our liquidity and balance sheet.'
'We wish Evgeny much success and I am confident we will find an excellent successor to follow in his footsteps,' he added.
