X5 Retail Group sales grow in 2009

Russian grocer X5 Retail Group said sales rose 33% to reach RUB275 billion (USD9.17 billion) in 2009. The retailer said the result was supported by a 10% increase in like-for-like sales off the back of 5% traffic growth. X5 also said fourth quarter retail net sales rose 23% in roubles to RUB78.6 billion (USD2.62 billion).

"Assuming stabilisation of the macro-economic environment, in 2010 X5 expects to deliver net sales growth comparable to 2009 pro-forma level. Actual top line performance will depend on inflationary trends and the timing of a recovery in the consumer spending," X5 Chief Executive Lev Khasis said in a statement.

Shareholders and holders of global depository receipts at the extraordinary general meeting of shareholders approved the re-appointment of CEO Lev Khasis for a new term of four years.