RUSSIA: X5 Retail reports surging Q2 growth | Progresiv
The X5 Retail Group has reported better-than-expected growth for its fiscal second quarter, outpacing larger rival Magnit – the first time it has done so in several years. 
For the quarter, sales were up 28.1% to 198.6 billion roubles (like-for-like +15.6%), the highest rate of growth since the third quarter of 2011. Results were boosted by a 35.3% jump at the Pyaterochka banner, and helped by growth at the Perekrestok (+11.9), Karusel (+14.2%), and Express (+9.7%) formats.
The results pushed up sales for the first half of the year by 27.3% to 380.7 billion roubles, with like-for-like sales up 16.3%. The average ticket spend was up 13.4%, while customer traffic grew by 2.6%.
The group said its results highlighted that recent changes to its strategy are beginning to bear fruit. (www.kamcity.com)
