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By Anthony O. Goriainoff
X5 Retail Group NV said Tuesday that sales for the fourth quarter of 2022 and the full year rose, and that this year it will focus on expanding into the Russian far east.
The Russian food retailer, which is listed in Moscow and London, said total net sales in the fourth quarter were 704 billion Russian rubles ($10.21 billion) and that like-for-like sales were up 7.9%. The company said quarter-on-quarter food inflation fell to 11% from 16%, and that real wages resumed growth for the first time since March.
“The rate of price growth is decelerating, while nominal wages are steadily increasing at an average rate of 10% to 12%,” the company said
Total net sales for the full year rose RUB402.2 billion to RUB2.6 trillion with like-for-like sales up 11%, the company said.
The company said its digital business saw year-on-year net sales rise 47% to RUB70.4 billion–or 2.7% of total net sales–and that it continued to expand its express delivery services as it agreed partnerships with three undisclosed delivery aggregators.
“In 2023 we will continue to actively expand our hard discounter and proximity store networks with a focus on more accessible pricing, as well as reviewing opportunities to expand to new territories through strategic partnerships with local retail chains,” Chief Executive Igor Shekhterman said.
Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com
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