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Lenta retailer posts 5.8% decrease in Q1 sales

It is reported that online sales added 1.1% to $135 mln

MOSCOW, April 24. /TASS/. Sales of Lenta fell by 5.8% in Q1 year-on-year to 124.6 bln rubles ($1.5 bln), while net loss amounted to 2.5 bln rubles ($30 mln) compared to 735 bln rubles ($9.66 mln) worth of net profit in the previous year, Russia’s retailer reported on Monday.

Net income margin equaled minus 2% in the reporting period compared to 0.6% in the same period last year. LFL sales decreased by 5.6% due to a 2.7% decline in LFL average ticket and a traffic drop by 3%.

Gross profit went down by 19.6% to 24.1 bln rubles ($296 mln). Gross margin decreased by 332 bps to 19.4%. EBITDA fell by 61.9% to 2.6 bln rubles ($32 mln), while EBITDA margin equaled 2.1%

Online sales added 1.1% to 11 bln rubles ($135 mln).

"In Q1 2023, we continued to adapt to changing market conditions. When analyzing our first-quarter results, it’s important to take into account the impact of two powerful factors: the high base effect of the last year and macro trends, which are having a considerable impact on Russian retail as a whole. The first factor is the abnormal demand in the first quarter of last year, which drove robust performance among all retailers. In March 2022, for example, our sales increased by 35%. The high base effect is affected, of course, our year-on-year performance. The second factor is subdued consumer demand amid rising inflationary pressure and a high degree of uncertainty. In this environment, consumers have continued to cut costs: choosing cheaper brands and categories of goods, buying essentials only, and reducing additional spending. We can see the impact of this factor in our numbers: decreases in both the frequency of visits and the number of items per ticket," Chief Executive Officer Vladimir Sorokin was quoted as saying.

As of March 31, 2023, Lenta operated 259 hypermarkets and 568 supermarkets and Lenta Mini stores in over 200 cities and towns across Russia.

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