X5 Retail reports robust profits

MOSCOW: Russia's leading food retailer, X5 Retail Group, has recorded interim gross profits up 53% to $617m (£310m) on net sales up 49% to $2.3bn (£1.2bn). The company's Pyaterochka stores increased sales by 44% to $1.3bn (£651m) in the first half of the year, while sales in Perekrestok stores grew 54% on the same period last year to $1bn (£501m). The strong performance was attributed to expansion of selling space and robust like-for-like growth.