Russia food retailer X5 Retail Group's total net retail sales growth accelerated to 28.3% year-on-year in the third quarter.
The group says this was the highest growth rate since Q3 2011 and was achieved on the back of a13.1% increase in like-for-like (LFL) sales and a 15.2% increase from net new space, resulting from the 29.6% rise in selling space.
Pyaterochka, which continues to meet customers' needs in a challenging macro environment, was the key driver for X5's Q3 growth: net retail sales increased by 34.8% y-o-y, driven by s 15.2% rise in like-for-like (LFL) sales and 19.6% increase from net new space, resulting from the 40.6% rise in selling space.
Perekrestok's net retail sales growth improved during the reporting period from 9.7% y-o-y in July to 16.7% y-o-y in September.
The Company demonstrated positive LFL traffic in each month of the quarter, with significant improvement throughout the quarter for X5 as a whole, driven primarily by Pyaterochka and Karusel.
X5 added 541 net new stores in Q3 2015, more than twice the net growth in Q3 2014; this contributed to selling space growth of 236.0 th. sq. m. during the period.
For 9M 2015, X5 added a total of 1,029 new stores vs. 461 stores during the same period last year for record selling space growth of 507.4 th. sq. m., driven principally by organic expansion.