X5 Retail Group Reports Strong Q3 Results

X5 Retail Group, the Russian food retailer, has announced impressive financial results for the third quarter. The company's revenue reached 796.24 billion Russian rubles ($8.52 billion) during this period, compared to 647.87 billion rubles in the same period last year. This significant increase can be attributed to several factors, including a 10.2% growth in like-for-like sales, the opening of new stores, and strategic acquisitions.

One of the key highlights of X5's performance is the substantial rise in net profit. The company reported a net profit of 25.78 billion rubles, a significant increase from the 13.84 billion rubles recorded in the previous year. Additionally, X5 saw an improvement in its gross margin by 48 basis points, reaching 24.4%.

Chief Executive Igor Shekhterman expresses enthusiasm for the company's future plans: "We remain focused on developing and growing our Pyaterochka proximity store and Chizhik hard discounter networks, as well as continuing the transformation of our Perekrestok supermarket format to increase efficiency and boost like-for-like sales."

With these impressive results, X5 Retail Group is well-positioned to continue its growth and maintain its strong presence in the market.