X5 Retail Group said Thursday that its net profit fell 32 percent in the first quarter while sales were about flat in dollar terms.
X5 said its net profit was $66.3 million, down from $96.9 million in the same period last year. Sales were 0.7 percent up to $3.87 billion, while the company's net profit margin fell to 1.7 percent from 2.5 percent.
Sedmoi Kontinent boosted revenue 36.7 percent year on year in the first quarter to 14.7 billion rubles ($475 million) from 10.8 billion rubles, Interfax reported Thursday, citing a company report. Net profit was 2.34 billion rubles, up 80 percent. Gross profit grew 36.2 percent to 3.4 billion rubles.
(Reuters, MT)
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
