Russian retailer Lenta has announced a 13.6% increase in like-for-like sales for the first quarter of the year.
The retailer, which opened two new hypermarkets at the beginning of the quarter taking its total store count to 89, reported sales growth of 37.3% to RUB39.6bn (US$1.1bn).
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CEO Jan Dunning said the performance so far was “in-line with our expectations for this year” and that he expected “continued robust LFL growth and additional store openings will ensure rapid sales growth for the rest of the year”.
“The first-quarter results provide the best evidence to support our confidence, though we will continue to be vigilant because of the many uncertainties which may impact consumer spending during the remainder of 2014,” he added.
Lenta listed in London and Moscow in February to fund expansion. When the shares listed, Dunning said: “We are well-positioned to capture the significant growth potential in the fragmented and under-penetrated Russian food retail market.”
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