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X5 Reports 1Q 2016 Financial Results

April 28, 2016. TAG: Retail Trade

X5 Retail Group N.V. (“X5” or the “Company”), a leading Russian food retailer (LSE ticker: FIVE), today released the Company’s unaudited condensed consolidated interim financial information for the three months (3M) ended 31 March 2016, in accordance with International Financial Reporting Standards as adopted by the European Union.

 Revenue growth remained strong; revenue increased by 26.8% year-on-year (y-o-y) on the back of strong like-for-like (LFL) sales and solid selling space expansion.

 Pyaterochka was the main driver of growth: net retail sales rose by 32.3% y-o-y.

 X5 added a total of 377 new stores vs. 156 new stores during the same period last year, delivering selling space growth of 181.0 th. sq. m., driven principally by organic expansion.

 Gross margin decreased by 31 bp y-o-y to 24.3% in Q1 2016. Promo activities and price investments during the period were in line with previous quarters, while the Q1 2015 gross margin was positively affected by sales of stock purchased in Q4 2014 to lock in the lower prices.

 SG&A expenses (excl. D&A&I) as a percentage of revenue improved by 42 bp y-o-y to 17.8%, influenced by the operating leverage effect.

 EBITDA grew by 25.6% y-o-y and reached RUB 16,493 mln in Q1 2016. EBITDA margin slightly decreased by 6 bp y-o-y in Q1 2016 and totalled 7.1% on the back of the strong addition of new selling space (31.0% y-o-y increase).

 The Company’s net debt/EBITDA ratio remained at a comfortable level of 2.47x as of 31 March 2016.

The more detailed press-release you can find on the following link https://www.x5.ru/en/Pages/Media/News/280416.aspx

X5 Retail Group

X5 Retail Group is the leading food retailer in Russia. X5 shares are listed on London Stock Echange (LSE) in the form of Global Depositary Receipts. The Company operates several retail formats, including the chain of conveniently located proximity stores under the Pyaterochka brand, the supermarket chain under the Perekrestok brand, the hypermarket chain under the Karusel brand and Express convenience stores.