Profits Rise At Russian Retailer X5
Russia's second largest food retailer X5 has posted a full year net profit which beat forecasts. Th…Russia's second largest food retailer X5 has posted a full year net profit which beat forecasts.
The company recorded a net profit of $344.9 million in 2013, quite the turnaround from its $126.5 million loss posted for 2012.
Similarly, operating profit for the full fiscal calendar took a significant jump up to $794.3 million, from $191.4 million in 2012.
Full-year revenues were up 6.3% at $16.8 billion and earnings before interest, tax, depreciation and amortisation rose by 7.1% to $1.2 billion.
The poor performance in 2012 was blamed was due to operational and management issues after a strategy change in 2011.
"2013 was a year of positive change for X5, and I am pleased to report that over the past 12 months we have made significant progress in transforming our business," CEO Stephan DuCharme said.
Last year, X5 lost its market lead in Russia to Magnit, who recorded revenue in 2013 of $18.2 billion.