Russian retailer X5 Retail Group has said that it will push ahead with plans to improve its performance in 2014 in the face of what it described as “ebbing” consumer confidence in the country.
“With signs that consumer confidence may be ebbing we need to continue executing on many fronts to complete the turnaround in our operations,” CEO Stephan DuCharme said.
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DuCharme said X5 will separate its supply chain services and infrastructure, continue to roll out a new Pyaterochka concept, including a “significant” store refurbishment programme, and introduce category management principles at its larger Perekrestok and Karusel banners.
X5 will also continue its store opening programme, which helped drive up sales during 2013. The company increased selling space by 12.9% in the 12 month period.
Net sales rose 8.7% during the year, with revenue gains accelerating in the fourth-quarter to growth of 11.9%. DuCharme said X5’s fourth-quarter performance meant that it entered 2014 with “momentum”.
X5 has struggled to maintain its market share in the competitive Russian retail sector. Last year the company was overtaken by rival Magnit, which became Russia’s largest retailer by sales.
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By GlobalData
