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Russia: X5 sales up 10% in Q3

Russia's X5 retail company has announced a sales rise of 10.4% in the third quarter year on year. The rise has been driven by growth at soft discounters and organic store additions in its supermarkets.

The gains were partially tempered by a "decrease in net retail sales at hypermarkets," it said.

Third-quarter net sales rose to 115.9 billion roubles ($3.7 billion US), from 105 billion roubles in the same period a year earlier.

The company's nine-month sales rose 8.2% to 356.2 billion roubles from 329.2 billion roubles a year earlier.

X5 added 174 stores in the third quarter and saw its net sales space grow 8% in the first nine months of the year.

Source: www.marketwatch.com
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