X5 reports modest revenue growth in 2010
Russia-based X5 Retail Group saw consolidated net retail sales grow 24% to RUR341,596 million (USD11,248 million) in the 2010 fiscal year. The growth was boosted by a revenue jump of 35% year-on-year in the fourth quarter. Kopeika’s December sales contributed approximately 2% to X5’s consolidated financial results.
Like-for-like sales grew 7% in ruble terms year-on-year with traffic up 3% and basket size up 4%. In 2009, X5 reported a 10% growth in like-for-like sales in local currency. Pyaterochka like-for-likes grew by 13%, whereas like-for-like sales at Karusel hypermarkets and Perekrestok stores grew by 0%. X5 has faced a strong negative like-for-like sales growth of -12% at Karusel hypermarkets in St Petersburg and the North West region due to stiff competition in the area.
The retailer added 1,097 stores, including 660 Kopeika stores and 437 organically opened stores (353 Pyaterochka price-orientated supermarkets, 26 Perekrestok supermarkets, 13 Karusel hypermarkets and 45 Perekrestok Express convenience stores). Only 12 stores were closed due to poor performance.
During 2010 X5 Retail Group expanded its warehouse capacity by a net 96,900 square metres. It opened two new food distribution centres in the Moscow and Urals regions and expanded capacity of its existing distribution centres.
In 2011, X5 plans to open a record 540 new stores and deliver gross sales in excess of RUR500 billion (USD16.2 billion), representing topline growth of around 40%.
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