Russian grocer X5 Retail Group has reported on a strong set of results for 2009, with overall sales rising 33 per cent to RU275bn (US$9.3bn).
The strong result was driven by new store openings in Russia and widespread price cuts as it looked to lure customers during the economic crisis.
Like-for-like sales increased by 10 per cent during the year, the group revealed, with customer traffic through the checkouts up 5 per cent on the previous year.
Fourth quarter net retail sales grew 23 per cent in roubles to RU78.6bn, and 11 per cent in dollar terms to US$2.6bn.
'Assuming stabilisation of the macro-economic environment, in 2010 X5 expects to deliver net sales growth comparable to 2009 pro-forma level,' said CEO Lev Khasis. 'Actual top-line performance will depend on inflationary trends and the timing of a recovery in consumer spending.'
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