Bloomberg News

X5 Retail Slumps Most in Week After Lower Sales Growth Forecast

October 10, 2011

Oct. 10 (Bloomberg) -- X5 Retail Group NV slumped the most in almost a week after the Russian retailer lowered its full year sales-growth forecast, citing a “rapidly weakening macroeconomic environment” and the rebranding of its Kopeyka stores.

The London traded shares dropped 8.6 percent to $24.64 by 8:46 a.m., their steepest intraday retreat since Oct. 4.

The company cut its forecast for gross retail sales growth to about 35 percent from an initial target of 40 percent, according to a statement today. Third-quarter net retail sales climbed 32 percent to 105 billion rubles ($3.3 billion), X5 said.

--Editors: Alex Nicholson, Peter Branton

To contact the reporter on this story: Jason Corcoran at Jcorcoran13@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


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