Russia’s biggest food retailer in terms of sales, the X5 Retail Group, anticipates a slow down in top line growth this year, from 32% down to 15-20%.
“Obviously X5’s growth has slowed down naturally and it is understandable given the size of the company… The kind of 30 to 40% growth that we did historically won’t be in place any further,” Chief Executive, Andrei Gusev said.
X5 this month posted its first drop in quarterly underlying sales since its creation in 2006 and missed its full-year 2011 revenue growth forecast, sending its stock down 10%.
Source: www.freshplaza.com