Sales At Russia's X5 Up 13.9% In Q1

Russia's second-biggest food retailer X5 Retail Group has reported a pick up in its sales growth in…

Russia's second-biggest food retailer X5 Retail Group has reported a pick up in its sales growth in the the first quarter of its fiscal year.

According to figures released by the company, net retail sales grew 13.9% during the January-March period, year-on-year, to 143.9 billion rubles ($4 billion), building on the 11.9% rise in the previous quarter.

Like-for-like sales were up 6.3%, year-on-year, after a rise of 3.9% in the final quarter of 2013.

X5 currently operates 4,618 stores, including 3,966 Pyaterochkas, 384 Perekrestok outlets, 81 Karusel hypermarkets and 187 Express convenience stores.

Last week, rival Russian retailer Magnit posted a 7.5% rise in first-quarter like-for-like sales. The retailer's net sales were up 25% at 163.95 billion roubles.