X5 Retail Group has announced its preliminary sales results for 2012, amidst further management changes.
Three key management changes
At last week’s Board Meeting, the acting CEO Stephan DuCharme was made statutory CEO, subject to approval at the AGM in April. Kieran Balfe, X5’s CFO handed his resignation in, effective as of March 2013 and Sergey Piven will become the new CFO, having previously been the Deputy Commercial Director. X5’s General Director of Soft Discounters, Frank Mros, has also resigned effective immediately but no replacement has been announced as of yet.
A positive year, despite departures of senior executives
Sales for Q4 2012 are reported at RUB 133.88bn which represents an 8.6% increase compared to the same period in 2011. Revenue for the year increased 8.3% from 2011 to RUB 490.08 bn. X5 opened 800 new stores in the trading year, bringing the total sales area to 242,460 sqm.
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