Russian food retailer X5 beat profit forecast, though Q1 earnings fall
date:May 22, 2013
and revenue growth slowing sharply.

The company had said it hopes to stabilise its operations by the end of 2013 but analysts predict a bumpy road to recovery with possible setbacks amid increasing competition.

Its first-quarter net profit fell 1.8 percent, year-on-year, to $65.1 million, the company said in a statement, which was above the $51.1 million average forecast in a Reuters poll.

The fall was due mainly to a spike in finance costs by 12 percent, year-on-year, to $88.6 million. It sa
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07/20 15:38