X5 Retail Group, Russia’s largest retailer, has announced its third-quarter financial results, with sales soaring by almost a half over the equivalent period last year.

The company posted growth of 48% for the nine months to 30 September, thanks in part to the acquisition of hypermarket chain Karusel.

“We are pleased to report that X5 has surpassed the 1,000-store milestone and progresses on Karusel integration well ahead of schedule,” said X5 chief executive Lev Khasis.

“The third quarter results came out in line with the management's expectation as we continued to see healthy consumer demand despite financial markets turbulence and weak seasonality typical for modern retail in this quarter.”

Meanwhile, major investor Alfa-Group has again moved to quash speculation it could sell its stake in X5 – having already reaffirmed its commitment to the group earlier this year.

“Alfa-Group is a long-term investor in X5,” said Alfa-Group chairman Michail Fridman. “We see huge growth potential in this company, plan to further develop it and do not rule out further investments into it.”