X5 Retailer's Q4 Revenue Up 14% to $3.95 Bln
2012-01-20 16:44:50
Russia's largest grocery chain X5 Retail Group saw fourth quarter 2011 revenue grow 14 percent year-on-year to $3.955 billion, the company said in a statement on Friday.
In ruble terms, revenue increased 16 percent to 123.316 billion rubles.
Like-for-like sales slipped two percent in ruble terms in October-December 2011 due to a four-percent decrease in customer traffic and two-percent increase in average basket.
The company also opened 198 soft discounters, nine supermarkets, five hypermarkets and five convenience stores, increasing its selling space by 86,000 square meters in the reporting period.
"The tougher market environment, a strong comparative base effect and consolidation of Kopeyka from December 2010 are reflected in X5’s fourth quarter 2011 trading results," X5 CEO Andrei Gusev was quoted in the statement as saying.
As for the full year of 2011, the company's revenue rose 32 percent to 452.482 billion rubles, while in dollar terms it grew 37 percent to $15.397 billion. Like-for-like sales increased six percent in ruble terms.
"X5 drove top-line growth of 37 percent in dollar terms this year and maintained its market leadership position with $15.4 billion in annual sales. Execution of our organic expansion plan was well in excess of our objectives, with a record 577 net new stores openings in 2011," Gusev also said.