Russian grocery retail leader X5 has announced a strong set of results for the second quarter of 2011, with net profit soaring by 195 per cent on a year-on-year basis.
The group said that the positive figure was the result of an increased network, with both new stores and the integration of the Kopeika chain contributing to growth.
X5's margin came in slightly lower than Reuters' analyst estimates at 7.1 per cent, attributed to the Kopeika integration and rebranding.
The results followed an announcement by rival retailer Magnit that second quarter profit had come in at US$79m, up from US$67m last year.
