date:May 22, 2013
Russian food retailer X5 beat profit forecasts on Tuesday as it presses on with cost cutting and streamlining after losing its market lead to closest competitor Magnit.
X5 last month reported for the first time a smaller quarterly revenue than Magnit, after struggling for more than a year following a change in strategy.
Its shift of focus to organic expansion without acquisitions, coupled with major changes on the management board, has been turbulent, with like-for-like sales turning negative