X5 Retail Group has reported on a mixed third quarter of the year, with net sales dropping 4 per cent in dollar terms to US$2.1m (€1.4m), down from US$2.19m (€1.5m) in the same period of 2008.
Operating profit at the group stood at US$107.5m (€71.5m), down 16 per cent from US$127.4m (€84.8m) last year, while gross profit fell 23.9 per cent from US$558.8m (€371.8m) to US$502m (€334m) this year.
However, net profit for the three-month period ended September 2009 soared to US$73m (€48.6m), up from a loss of US$14.7m (€9.8m) in the third quarter of 2008.
'X5 delivered solid top-line growth thanks to sector-leading customer traffic for discounters and positive trends at hypermarkets in Moscow and St. Petersburg, as we maintained price leadership and offered quality products for every budget,' said group CEO Lev Khasis. While consumer confidence remains weak, we are actively positioning X5 to benefit from future economic recovery through a balanced execution of like-for-like growth strategy and stepped up expansion.
'We plan to accelerate store additions in discounters, maintain healthy expansions in hypermarkets, while, with the acquisition of Paterson, we also reinforced our supermarket leadership in key markets, adding to the company's upside potential,' he added.
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