X5 Retail Group has revealed that it delivered 'solid top line growth' during the second quarter of the year, with net profit standing at US$25m (€19.7m).
Net sales increased 17 per cent year-on-year in rouble terms to R80bn (€2bn), or 25 per cent in dollar terms to US$2.6bn, the group said.
Earning before interest, taxation, depreciation and amortisation (EBITDA) came to US$220m (€173m), for an EBITDA margin of 8.3 per cent.
'X5 delivered solid second quarter sales growth and strong EBITDA margin,' said group CEO Lev Khasis. 'X5 is driving positive business momentum – with increased market leadership, stepped up pace of new store openings, completion of Paterson integration and continuous focus on quality, convenience and value for customers – giving us confidence in our outlook for the year.
'Strong EBITDA margin of 8.3 per cent this quarter was in line with our expectations and considerably higher than in the first quarter of 2010,' Mr Khasis added. 'We continue to drive operational excellence to secure long-term competitiveness and efficiency benefits.'
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