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.
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