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.