X5 Retail Group's revenues rose to RUB319,424m in the third quarter - 24.7% up on a year ago - on the back of solid like-for-like sales and strong selling space expansion.
Pyaterochka was the main driver of growth with net retail sales up by 28.8% y-o-y.
X5 added 820 net new stores in Q3 2017 vs. 638 in Q3 2016, contributing to additional net selling space of 323.6 th. sq. m. in the quarter.
Gross margin decreased by 69 b.p. y-o-y to 23.7% in Q3 2017, as the level of promo activity grew in order to maintain sales growth in some categories, and to support traffic on the back of unfavourable weather conditions and a significant y-o-y increase in outbound tourism from major metropolitan areas.
EBITDA grew by 12.7% y-o-y and reached RUB22,392m in Q3 2017.
The EBITDA margin decreased by 74 b.p. y-o-y to 7.0%.