X5 Retail Group N.V., a leading Russian food retailer, released its 2018 Annual Report, including audited consolidated financial statements prepared in accordance with International Financial Reporting Standards, as adopted in the European Union.
According to X5 CEO Igor Shekhterman, the company “grew revenue by 16.9% year-on-year and delivered positive LFL performance at the group level for Q4 2018”.
“We operated in an environment of low inflation and weak consumer confidence stemming from flat real income growth during nearly all of 2018. Nonetheless, X5 continued to deliver on its strategic priorities: we grew our market share by revenue to 10.7% despite scaling back our store expansion programme to focus on more balanced growth. We saw Perekrestok Online, one of several key omnichannel initiatives within the Company, expand to St Petersburg and open two new dark stores to scale up its operations during the year. X5 has also taken the lead on innovations, establishing a Big Data Department at the Corporate Centre and piloting 37 innovative projects in stores during 2018,” Igor Shekhterman said.