By Michael Susin
X5 Retail Group reported an increase in revenue and profit during the third quarter, boosted by the opening of new stores and acquisitions.
The Russian food retailer, which is listed in Moscow and London, posted revenue of 796.24 billion Russian rubles ($8.52 billion) compared with RUB647.87 billion for the same period a year earlier.
The company said revenue growth was driven by a 10.2% like-for-like sales growth, new store openings and acquisitions.
Net profit sharply rose to RUB25.78 billion from RUB13.84 billion a year prior.
X5 added that gross margin improved 48 basis points to 24.4%.
“We remain focused on developing and growing our Pyaterochka proximity store and Chizhik hard discounter networks, as well as continuing the transformation of our Perekrestok supermarket format to increase efficiency and boost like-for-like sales,” Chief Executive Igor Shekhterman said.
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