X5 Reports Sales Growth For Q1 2016
Russian retailer X5 has reported total net retail sales growth of 26.7 per cent year on year for Q1 2016, a performance it says was driven by an 18.9 per cent sales growth contribution from a 31 per cent rise in selling space.
Its Pyaterochka banner, which benefitted from its continued appeal to value-seeking customers, was another key driver for X5’s Q1 2016 growth, with year on year net retail sales rising by 32.3 per cent.
Meanwhile, Perekrestok’s net retail sales growth also improved during the first quarter, from 15.7 per cent year-on-year in January to 20.6 per cent in March.
The company refurbished 345 Pyaterochka and 14 Perekrestok stores outlets in Q1 2016, part of its investment programme to upgrade existing stores, while a new distribution centre was also opened in Moscow.
X5 also closed one distribution centre in St. Petersburg, and one in Voronezh region that did not meet the its efficiency criteria.
© 2016 European Supermarket Magazine – your source for the latest retail news. Article by Jenny Whelan. To subscribe to ESM: The European Supermarket Magazine, click here.