X5 Retail Group N.V. (FIVE.L), a Russian food retailer, reported that retail sales for the first quarter grew 26.5 percent to RUR 182.05 billion from last year's RUR 143.90 billion. Like-for-like sales also improved 17.1 percent for the quarter.
The company noted that higher food inflation in the first quarter drove average customer spends across all formats.
X5 Retail Group N.V. 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, and Express convenience stores under various brands. At March 31, 2014, X5 had 5,639 company-operated stores.
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