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X5 Retail Group's 9M Financial Performance
November 18, 2014 13:08

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X5 Retail Group N.V., a leading Russian food retailer (LSE ticker: “FIVE”), released its consolidated interim financial information for the nine months (9M) ended 30 September 2014, in accordance with International Financial Reporting Standards.
A primary driver for the increase in net retail sales was selling space expansion, primarily at Pyaterochka, and the positive performance of maturing stores added over the past two years.
The Company’s net retail sales and like-for-like sales in Q3 and 9M 2014 were positively impacted by the growth of the average ticket and basket due to changes in product mix, increased volume and rising food inflation.
Pyaterochka’s LFL traffic and basket performance was better than the Company’s average in Q3 and 9M 2014 due to:
 The impact of assortment rotation;
 Improved promotional and marketing campaigns; and
 Better shelf availabitiliy of products due to improvements in logistics service levels.
The Company’s gross profit margin in Q3 and 9M 2014 amounted to 24.6% and 24.4%, respectively, compared to 25.0% and 24.4%, in Q3 and 9M 2013, respectively. The differences were primarily driven by more active price investments in Q3 2014 compared to Q3 2013, which were offset by improvements in logistics expense in both Q3 and 9M 2014 and improved shrinkage in 9M 2014.
In Q3 2014, net cash flows generated from operating activities increased compared to the corresponding period of 2013 primarily due to higher EBITDA and the positive contribution from changes in working capital in Q3 2014, which were offset by higher net interest and income tax paid. Net interest and income tax paid increased due to the higher cost of debt in Q3 2014 as well as the impact of a tax credit received in Q3 2013 for overpayment of taxes in prior periods.
X5 Retail Group N.V. (LSE: FIVE, Moody's - "B2", S&P - "B+") is a leading Russian food
retailer. The Company operates several retail formats: the chain of economy class stores under the Pyaterochka brand, the supermarket chain under the Perekrestok brand, the hypermarket chain under the Karusel brand, Express convenience stores under various brands and the online retail channel under the E5.RU brand.
At 30 September 2014, X5 had 5,005 Company-operated stores. It has the leading market position in both Moscow and St. Petersburg and a significant presence in the European part of Russia. Its store base includes 4,342 Pyaterochka economy-class stores, 389 Perekrestok supermarkets, 81 Karusel hypermarkets and 193 Express stores. The Company operates 31 DCs and 1,528 Company-owned trucks across the Russian Federation.
For the full year 2013, revenue totaled RUB 534,560 mln, EBITDA reached RUB 38,350 mln,
and net income amounted to RUB 10,984 mln. In 9M 2014, revenue totaled RUB 452,285 mln,

EBITDA reached RUB 32,365 mln, and net income amounted to RUR 9,869 mln. X5’s Shareholder structure is as follows: Alfa Group – 47.86%, founders of Pyaterochka – 14.43%, X5 Directors – 0.03%, treasury shares – 0.04%, free float – 37.64%. 


Author: Mikhail Vesely

Tags: X5 Retail Group     

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