Lenta Sales Up 16.3% In Q2 After 'Rapid Growth'
Russian retailer Lenta has reported that total sales grew by 16.3% to RUB 85.6 billion in its second quarter ending 30 June 2017.
Like-for-like sales were up by 2% compared to the same period in 2016, while traffic growth increased by 2.9%.
Overall, Lenta's sales have grown by 16.7% to RUB 163.5 billion in the first half of 2017, with like-for-like sales increasing by 1.8% compared to 2016.
“Lenta continues to deliver rapid growth, with sales up by 16.3% in the second quarter of 2017 despite the challenging macro environment," said Jan Dunning, Lenta CEO.
"Although growth in this quarter was slightly below the first quarter of this year we are encouraged by recent trends - after disappointing trading in April which was impacted by abnormally cold weather, growth in May was in line with the quarterly average while June results were very strong with a return positive like-for-like sales growth which has continued into July."
Lenta opened seven new supermarkets during the second quarter of 2017, bringing its total store count to 254, comprising 195 hypermarkets and 59 supermarkets. Total selling space experienced an increase of 27.1% year-on-year.
Dunning added that the company "hopes to continues this momentum in the second half of the year".
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Sarah Harford. Click subscribe to sign up to ESM: The European Supermarket Magazine.