X5 Retail group has enjoyed an extremely positive second quarter of 2009, after reporting that net profit shot up by 87 per cent through the three-month period to hit US$130m (€91m).
The result was boosted by an US$86m (€60m) foreign exchange gain on the back of a strong recovery for the Russian rouble, X5 revealed.
Consolidated net sales during the quarter increased by 46 per cent year-on-year in rouble terms to RUR68bn, or 7 per cent in dollar terms to US$2.1bn (€1.5bn).
In the first half of the year, X5 delivered the highest like-for-like sales growth among Russian peers thanks to our 'close-to-the-customer' approach and the flexibility of X5's multi-format business model,' said group CEO Lev Khasis. 'We continue to fine-tune our formats' strategies to achieve clear distinction between value propositions and ensure long-term multi-format success and leadership.
'One of our current priorities is private label development, which includes realignment of X5's private label strategy across formats with a focus on building own brands and creating wider choice to drive sales and support margins,' he added.
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