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Retailer X5 expects revenue growth of 24-25% in 2024

According to CEO of X5 Group Igor Shekhterman, business growth will be achieved through the retailer's multi-format model, a diverse offering for customers, as well as an increase in the average bill and traffic

MOSCOW, October 4. /TASS/. Russian retailer X5 Group expects revenue growth of 24-25% in 2024, at least 17-18% per year in the next three years, Igor Shekhterman, CEO of X5 Group, said.

"We expect the market (food retail - TASS) in general to show growth of 9-10% until 2028. Similar to all previous years, we plan to grow faster than the market. This year our growth will be at the level of 24-25%, in the next three years we plan to grow by at least 17-18%," he said.

According to him, business growth will be achieved through the retailer's multi-format model, a diverse offering for customers, as well as an increase in the average bill and traffic.

"We also see that the Russian market will consolidate and the top five players will increase their share. Our goal is to have at least 20% share by 2028. By the end of this year, it will reach around 15%," Shekhterman added.

X5 Group's revenues in 2023 increased by 20.8% year-on-year and amounted to 3.146 trillion rubles ($32.88 bln). According to the results of January-June 2024, the retailer increased its revenues by 26.1% year-on-year to 1.852 trillion rubles ($19.36 bln).

X5 Group is the leading Russian retailer in terms of sales. As of June 30, 2024, the company operated 25,466 thousand stores, including 21,997 Pyaterochka stores, 987 Perekrestok supermarkets, and 1,785 Chizhik discount stores.

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