X5 Retail group, the second-largest retailer in Russia, has reported that yearly like-for-like sales increased by 11 per cent during the second quarter of 2009, aided by a rise of 6 per cent in consumer traffic.
Consolidated net retail sales for the quarter increased by 46 per cent to R67.8bn (€1.53bn), according to the group's financial report.
'In the second quarter we saw trading down trends deepen as consumer confidence and purchasing power weakened further,' said group CEO Lev Khasis. 'X5 is staying close to its customers by keeping prices down and delivering quality assurances across all formats.
'At the same time, current conditions have substantially improved the availability of high quality trading space,' Mr Khasis added. 'This provides opportunities for X5 to secure prime locations for all three formats and warehouses on very attractive terms, with the potential to generate outstanding returns.'
The group added 20 new stores to its portfolio during the second quarter, including four hypermarkets, 14 discounters and two supermarkets totalling 28,700m2 of floor space.
'Our objective is to support the development of an efficient, modern retail sector to the befit of consumers and the Russian economy,' Mr Khasis said.
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