X5 Released 1H and 2Q 2009 Trading Update
OREANDA-NEWS. On 13 July 2009 X5 Retail Group N.V.,
2Q 2009 Highlights |
1H 2009 Highlights |
• Consolidated net retail sales increased 46% year-on-year in RUR terms to RUR 67,826 mln or 7% in USD terms to USD 2,100 mln; • On a pro-forma basis, net retail sales grew 26% year-on-year in RUR terms and declined 8% in USD terms (incl. RUR devaluation effect of approximately 34%); • X5’s LFL sales grew 11% in RUR terms year-on-year, supported by 6% traffic growth; • Discounters’ customer traffic surged 11%, driving Pyaterochka’s LFL sales growth of 18% year-on-year; • 20 stores added on net basis in 2Q 2009, including four hypermarkets, 14 soft discounters and two supermarkets (net addition of 28.7 thousand sq. m. of selling space); • Warehouse space increased by 26.4 thousand sq. m. through three new DCs addition and existing warehouse capacity expansion. |
• Consolidated net retail sales increased 46% year-on-year in RUR terms to RUR 130,914 mln or 6% in USD terms to USD 3,959 mln; • On a pro-forma basis, net retail sales grew 27% year-on-year in RUR terms and declined 8% in USD terms (incl. RUR devaluation effect of approximately 35%); • X5’s LFL sales grew 12% in RUR terms year-on-year on the back of 5% traffic growth; • As at 30 June 2009 X5 operated 1,164 stores, including 900 soft discounters, 211 supermarkets and 53 hypermarkets; • As at 30 June 2009 X5’s stores net selling area totaled 935.8 thousand sq. m.; • Number of Distribution Centres (DCs) increased to 22, raising supply centralization rate to 59%; • Total warehouse capacity reached 227.7 thousand sq.m. |
• 2009 sales growth and CapEx outlook, as announced on 6 March 2009, reiterated.
* Numbers provided in this press-release are preliminary and unaudited.
** Consolidated sales figures include acquired Karusel’s business in 2Q and 1H 2009 and exclude it in 2Q and 1H 2008.
*** Pro-forma sales figures include acquired Karusel’s business in 2Q and 1H 2008, as well as in 2Q and 1H 2009.
Lev Khasis, X5 Retail Group CEO, commented:
“In the second quarter we saw trading down trends deepen as consumer confidence and purchasing power weakened further. X5 is staying close to its customers by keeping prices down and delivering quality assortment across formats. Sales surged beyond expectations at discounters as price-conscious consumers responded enthusiastically to Pyaterochka’s “lowest price on the market” initiative, which drove exceptional traffic and market share gains. Other formats were pressured by the weaker environment: Healthy supermarket sales performance in
“At the same time, current conditions have substantially improved the availability of high quality trading space. This provides opportunities for X5 to secure prime locations for all three formats and warehouses on very attractive terms, with the potential to generate outstanding returns. For this reason, we accelerated expansion of our distribution capacity. This enabled X5 to reach a supply centralisation level of 59%, exceeding our 2009 target and enhancing our scope for operational improvements. We expect this, in combination with our cost control efforts, to drive profitability and cash generation this year.
“Government consideration of the draft retail law intensified in the past few weeks. We continue to play an active role in this dialogue as legislation is taking shape and will inform the market once the process reaches a more advanced stage. Our objective is to support the development of an efficient modern retail sector to the benefit of consumers and the Russian economy."
Комментарии