StockMarketWire.com - Russian food retailer X5 Retail Group said revenue grew 14.3% in the second quarter of the year thanks to positive like-for-like sales and selling space expansion.

Adjusted earnings (EBITDA) increased by 24.2% year-on-year in second quarter, reflecting gross margin expansion, while the adjusted EBITDA margin under rose by 67 basis points to 8.4%.

'Our performance in the second quarter was the result of ongoing efforts by the management team to improve operational efficiency through a number of initiatives involving new technological solutions and innovations,' said X5 Chief Executive Officer Igor Shekhterman.

'In addition to strong performance at our bricks-and-mortar business, we continue to develop X5's online and omnichannel offerings. Our parcel locker and pickup point network continues to grow by utilising our logistics and transport network to deliver third-party goods ordered online.'

'Our own online supermarket, Perekrestok.ru, handled 266 thousand orders in Q2 2019, which is more than four times higher year-on-year and keeps us on track to become Russia's leading online food retailer by the end of next year.'




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