Support The Moscow Times!

X5's Q3 Sales Up 10.4%

Food retailer X5 posted a smaller-than-expected rise in third-quarter revenues as fewer customers shopped at its older stores, increasing the chance that it will cut its full-year growth forecast.

In a trading statement Thursday, X5 said third-quarter net retail sales rose 10.4 percent year on year, broadly the same pace as in the previous quarter.

From the start of the year to the end of September, sales rose 8.2 percent to 356 billion rubles ($11 billion), suggesting X5 would have to increase sales by more than 30 percent in the final quarter to achieve 15 percent growth over 2011, when it generated around 454 billion rubles in sales.

"In our view, management will have to officially downgrade its full-year sales growth guidance to a more achievable number than the current 15 percent," said Maria Kolbina, an analyst at VTB Capital.

(Reuters)

Related articles:

Read more

Independent journalism isn’t dead. You can help keep it alive.

The Moscow Times’ team of journalists has been first with the big stories on the coronavirus crisis in Russia since day one. Our exclusives and on-the-ground reporting are being read and shared by many high-profile journalists.

We wouldn’t be able to produce this crucial journalism without the support of our loyal readers. Please consider making a donation to The Moscow Times to help us continue covering this historic time in the world’s largest country.