X5 Reports Full-Year Retail Sales Growth of 27 Per Cent
Russian retailer X5 Retail Group delivered total net retail sales growth of 27.3 per cent for 2015, the group's fastest pace of growth since 2011.
X5, which operates the Pyaterochka, Perekrestok and Karusel chains, took net sales of RUB 172.2 billion (€2.02 billion) in 2015, the highest in its history.
The company added a total of 1,537 stores to its operations in 2015, up from 939 additions the previous year. The 'proximity' brand Pyaterochka was responsible for most of the growth, accounting for 88 per cent of the selling space added.
Commenting on the results, the group's chief executive Stephan DuCharme said, "Despite a challenging economic environment in Russia, we delivered a strong set of numbers in 2015 and grew faster than the Russian food retail market average.
"Growth in selling space, combined with continued adjustments to our value proposition for customers, particularly in the current environment, helped to make 2015 our best year since 2011 in terms of retail sales growth, and our best ever year for organic growth: 2015 net retail sales increased by 27.3 per cent year-on-year, with like-for-like sales up to 13.7 per cent."
X5 now operates 7,020 stores all over Russia and is the market leader in both Moscow and St. Petersburg, as well as a significant presence in the European area of Russia.
© 2016 European Supermarket Magazine – your source for the latest retail news. Article by John Golden. To subscribe to ESM: The European Supermarket Magazine, click here.