REG - X5 Retail Group N.V - X5 Group 2023 net sales increase 20.6%
24/01/2024 07:15
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RNS Number : 6820A X5 Retail Group N.V. 24 January 2024
X5 Group 2023 net sales increase 20.6%
Digital business net sales up 75.7%
Amsterdam, 24 January 2024 - X5 Retail Group N.V. ("X5" or the "Company", LSE
and MOEX ticker: "FIVE"), a leading Russian food retailer that operates the
Pyaterochka, Perekrestok and Chizhik retail chains, today announces its
preliminary consolidated net retail sales and operational results for the
fourth quarter (Q4) and full year (FY) ended 31 December 2023(1).
FY 2023 (PRELIMINARY) HIGHLIGHTS
+20.6% y-o-y
Total net sales was driven by a 9.6% y-o-y increase in like-for-like (LFL(2))
sales and selling space expansion
+3,149 new stores
X5 net new stores in 2023 Including 2,144 proximity stores, 1 supermarket, 983
hard discounters, 16 dark kitchens, 15 Krasny Yar and Slata stores, and 2
joint dark stores. 12 Karusel hypermarkets (net) were closed
3x y-o-y
Chizhik net sales totalled RUB 118.4 billion in 2023
Chizhik opened 983 stores in 2023
+17.3% y-o-y
Net retail sales for Pyaterochka(3) totalled RUB 2.5 trillion
+8.7% y-o-y
Net retail sales for Perekrestok totalled RUB 418.9 billion
+75.7% y-o-y
Digital business net sales(4 )totalled RUB 123.6 billion
3.9% of total net sales
+1.5 p.p. of the consolidated revenue growth rate
Q4 2023 (PRELIMINARY) HIGHLIGHTS
+24.7% y-o-y
Total net sales was driven by a 13.2% y-o-y increase in like-for-like (LFL(2))
sales and selling space expansion
+1,006 new stores
X5 net new stores in Q4 2023 Including 547 proximity stores, 17 supermarkets,
429 hard discounters, 4 dark kitchens, and 9 Krasny Yar and Slata stores
3x y-o-y
Chizhik net sales totalled RUB 41.7 billion in Q4 2023
Chizhik opened 429 stores in Q4 2023
+22.3% y-o-y
Net retail sales for Pyaterochka(2) totalled RUB 685.6 billion
+14.7% y-o-y
Net retail sales for Perekrestok totalled RUB 119.8 billion
+89.4% y-o-y
Digital business net sales(4) totalled RUB 41.8 billion
4.8% of total net sales
+ 2.1 p.p. of the consolidated revenue growth rate
Igor Shekhterman, X5 Chief Executive Officer
"In 2023, X5 Group continued to demonstrate strong results in line with our
key focus areas for the year. During this period we actively expanded our
proximity store, hard discounter and online formats, began to grow our
footprint in the Russian Far East, and strengthened X5's market presence
through strategic acquisitions on local retail markets. We also completed
the transformation of our Karusel hypermarket chain and closed the last
Karusel-branded store to focus on our main three retail formats that best
respond to changing customer needs.
Our Pyaterochka proximity store network continued its expansion, with 2,144
net new stores added in 2023. Net retail sales for Pyaterochka grew by 17.3%
year-on-year in 2023. In March 2023, Pyaterochka launched its first stores in
the Russian Far East. This made X5 the first nationwide food retailer to
establish a presence in this territory and created more opportunities for
local customers to access high-quality products at low prices. Pyaterochka
further strengthened its presence in this region with the acquisition of
stores operated by the Amba retail chain in Q4 2023. Also in the fall of 2023,
X5 acquired long leases of more than 100 stores of the Grozd retail chain in
Southwestern Russia, which are planned to be integrated into the Pyaterochka
network.
During this period, we continued to revamp our Perekrestok supermarket format
to increase efficiency and boost like-for-like sales. In Q4 2023,
like-for-like sales at Perekrestok stores increased by 14.4% year-on-year and
by 8.8% year-on-year for the full year 2023. X5 plans to continue the
transformation of its supermarket format with efficiency and customer
convenience in mind.
X5's hard discounter format, Chizhik, continued to grow amid widespread
consumer demand for high-quality and reasonably priced foods. In 2023, Chizhik
opened 983 new stores and reached a total count of 1,500 stores throughout the
country. In October 2023 the format opened its first stores in Siberia, with
plans to actively expand its presence in the region. Meanwhile, Chizhik's net
retail sales saw a three-fold increase year-on-year in 2023. Our hard
discounter format has proven popular with customers thanks to its tailored
selection of quality and affordable products, and the development of the
Chizhik chain remains a top priority for X5.
In 2023, we encountered a significant shortage of operating personnel on the
market and, as a result, a significant increase in labour costs. The negative
impact of this factor on profitability was partially offset by projects to
improve efficiency. Our key initiatives in this regard included increasing
automation in stores and logistics, the introduction of day and night
non-contact picking, and the resulting reduction in average headcount per
store. These measures increased labour productivity by almost 10%. We do not
expect a significant improvement in the labour market in 2024 and plan to
continue our initiatives to improve the efficiency of X5's business processes
(automation in stores and logistics, scaling up contactless pickup, increasing
the number of self-service checkouts and more). As a result of these
initiatives, we expect further growth in labour productivity in 2024.
In 2023, we continued to expand into existing and new regions of presence
through strategic M&As. In April, X5 acquired Tamerlan, the operator of
several discounter chains and a supermarket chain in Southern Russia. And in
August, X5 acquired the retail operator Victoria Baltia, which has enabled X5
to gain a foothold in the highly promising Kaliningrad Region. In parallel
with organic growth, X5 will continue to pursue opportunities for business
expansion through M&A as well as strategic partnerships on the domestic
market.
Our online businesses continued to develop, with digital business net sales
increasing by 75.7% year-on-year in 2023. A particular focus during this
period was on expanding delivery services from X5's retail formats in order to
provide our customers with an omnichannel shopping experience. At the same
time, the continuing high level of competition and current pressure on
profitability in this segment has not yet allowed us to effectively translate
revenue growth into an improved financial result. Among other highlights, in
2023 X5's online delivery logistics service, 5Post, entered Siberia and
surpassed the milestone of 20,000 pickup points across Russia. This move has
enabled 5Post to approach 100% coverage of its targeted geographical footprint
while making online deliveries for customers in Siberia easier, faster, and
closer to home.
Another significant achievement during this period was the integration of
nearly all X5 businesses into the updated X5 Club loyalty programme. Now,
customers of most X5 businesses can conveniently accumulate and spend bonus
points in a single unified system: these include express delivery services
from Pyaterochka and Perekrestok, X5's online media platform Food.ru, and the
sushi delivery service Mnogo Lososya.
In September 2023, X5 Group's Supervisory Board approved an updated
Sustainable Development Strategy that sets out the company's sustainability
targets to 2025. Under the strategy, X5 set new aims for energy efficiency and
emissions reduction, among others, and placed a stronger emphasis on social
programmes that include food aid, local community development and promoting
inclusion. X5's sustainability initiatives earned the company high ESG ratings
from the rating agencies ACRA and Expert RA in 2023.
Despite ongoing market headwinds, X5's results in 2023 have once again
demonstrated our commitment to excellent customer service, strategic expansion
and business efficiency. I would like to thank the entire X5 team for their
contributions to the company's strong performance for the year and express my
sincere gratitude to our partners and investors for continuing to place their
trust in X5."
NET SALES PERFORMANCE
Sales of offline and digital businesses(5)
RUB MLN Q4 2023 Q4 2022 CHANGE FY 2023 FY 2022 CHANGE
Y-O-Y, % OR MULTIPLE
Y-O-Y, % OR MULTIPLE
Pyaterochka 664,022 551,900 20.3 2,432,093 2,100,019 15.8
Perekrestok 108,859 97,965 11.1 384,321 365,283 5.2
Chizhik 41,522 15,233 3x 118,207 35,892 3x
Offline net sales(6) 836,189 681,935 22.6 3,014,928 2,531,369 19.1
Digital businesses' net sales 41,782 22,058 89.4 123,588 70,354 75.7
Total net sales 877,971 703,993 24.7 3,138,517 2,601,723 20.6
Net retail sales(7) by format
Including express delivery; excluding Vprok.ru and 5Post sales
RUB MLN Q4 2023 Q4 2022 CHANGE FY 2023 FY 2022 CHANGE
Y-O-Y, % OR MULTIPLE
Y-O-Y, % OR MULTIPLE
Pyaterochka 685,594 560,440 22.3 2,491,009 2,122,793 17.3
Perekrestok 119,760 104,400 14.7 418,938 385,495 8.7
Chizhik 41,661 15,233 3x 118,425 35,893 3x
Net retail sales(8) 869,772 697,568 24.7 3,112,023 2,576,578 20.8
Q4 and FY 2023 LFL store performance by format
% change y-o-y
Q4 2023 FY 2023
SALES TRAFFIC BASKET SALES TRAFFIC BASKET
Pyaterochka 13.0 3.0 9.6 9.8 4.9 4.7
Perekrestok 14.4 3.0 11.0 8.3 2.2 6.0
X5 Group(9) 13.2 3.0 9.9 9.6 4.6 4.8
Q4 2023 monthly net retail sales (RUB) by format
change y-o-y, % or multiple
OCTOBER 2023 NOVEMBER 2023 DECEMBER 2023
Pyaterochka 19.1 20.8 20.9
Perekrestok 7.7 10.7 14.1
Chizhik 3x 3x 3x
Offline business total 22.9 22.3 22.6
Digital business total 99.8 93.0 79.9
Total 25.0 24.5 24.7
AVERAGE TICKET AND NUMBER OF CUSTOMER VISITS
Q4 and FY 2023 average ticket and customer visits by offline format
AVERAGE TICKET, RUB Q4 2023 Q4 2022 CHANGE FY 2023 FY 2022 CHANGE
Y-O-Y, % OR MULTIPLE
Y-O-Y, % OR MULTIPLE
Pyaterochka 497.8 453.9 9.7 461.0 441.3 4.5
Perekrestok 792.4 713.0 11.1 712.8 670.6 6.3
Chizhik 615.6 609.8 1.0 580.7 630.3 (7.9)
X5 Group(10) 530.0 484.2 9.4 488.3 469.0 4.1
NUMBER OF CUSTOMER VISITS, MLN
Pyaterochka 1,580.7 1,415.1 11.7 6,196.6 5,524.1 12.2
Perekrestok 173.0 167.1 3.5 672.0 657.6 2.2
Chizhik 77.0 28.5 3x 231.9 64.8 4x
X5 Group(10) 1,880.0 1,648.2 14.1 7,295.8 6,298.6 15.8
Q4 2023 average monthly ticket and customer visits by offline format
change y-o-y, % or multiple
AVERAGE TICKET OCTOBER 2023 NOVEMBER 2023 DECEMBER 2023
Pyaterochka 8.5 9.0 11.4
Perekrestok 9.5 9.8 13.4
Chizhik (0.4) (0.4) 3.5
X5 Group(10) 8.2 8.9 11.3
NUMBER OF CUSTOMER VISITS
Pyaterochka 12.4 12.7 10.0
Perekrestok 2.8 4.5 3.3
Chizhik 3x 3x 3x
X5 Group(10) 16.4 14.2 11.7
EXPANSION DYNAMICS
Selling space and number of stores by format
SELLING SPACE, AS AT 31-DEC-23 AS AT 31-DEC-22 CHANGE
SQUARE METRES (SQ. M)
VS 31-DEC-22, % OR MULTIPLE
Pyaterochka 8,339,205 7,497,056 11.2
Perekrestok 1,084,913 1,085,496 (0.1)
Chizhik 442,110 152,370 190.2
Joint dark stores 10,258 8,087 26.8
X5 Group(11) 10,206,011 9,107,479 12.1
NUMBER OF STORES
Pyaterochka 21,308 19,164 11.2
Perekrestok 972 971 0.1
Chizhik 1,500 517 190.1
Joint dark stores 9 7 28.6
X5 Group(11) 24,472 21,323 14.8
Selling space and number of stores added by format
SELLING SPACE, NET ADDED NET ADDED CHANGE NET ADDED NET ADDED CHANGE
Y-O-Y, % OR MULTIPLE
Y-O-Y, % OR MULTIPLE
SQUARE METRES (SQ.M) Q4 2023 Q4 2022 FY 2023 FY 2022
Pyaterochka 199,236 111,224 79.1 842,149 448,568 87.7
Perekrestok 18,454 (7,509) n/a (584) (13,409) n/a
Chizhik 125,222 59,352 2x 289,740 132,043 2x
Joint dark stores - 2,729 n/a 2,171 8,087 (73.2)
X5 Group(11) 346,401 348,288 (0.5) 1,098,532 697,722 57.4
NET NUMBER OF STORES
Pyaterochka 547 299 82.9 2,144 1,192 79.9
Perekrestok 17 - n/a 1 (19) n/a
Chizhik 429 201 2x 983 445 2x
Joint dark stores - 3 n/a 2 7 (71.4)
X5 Group(11) 1,006 1,093 (8.0) 3,149 2,202 43.0
DIGITAL BUSINESS PERFORMANCE
X5 DIGITAL Q4 2023 Q4 2022 CHANGE FY 2023 FY 2022 CHANGE
Y-O-Y, % OR MULTIPLE
Y-O-Y, % OR MULTIPLE
GMV,(12) RUB mln 45,893 24,384 88.2 135,906 77,060 76.4
Number of orders, ths 24,977 11,598 115.3 74,633 34,422 116.8
Average ticket, RUB (Vprok.ru) 6,465 5,307 21.8 5,926 4,798 23.6
Average ticket, RUB (express delivery) 1,572 1,652 (4.9) 1,530 1,694 (9.7)
5POST
Number of parcels, ths 10,655 6,866 55.2 29,619 25,986 14.0
MNOGO LOSOSYA
GMV,(13) RUB mln 2,140 1,294 65.4 7,267 4,066 78.7
Number of orders, ths 502 400 25.5 1,842 1,481 24.4
Average ticket, RUB 2,399 1,970 21.8 2,228 1,915 16.3
KEY DRIVERS OF Q4 2023 RESULTS
External environment
• Food inflation in Q4 2023 totalled 7.1% year-on-year (vs 3.6%
year-on-year in Q3 2023).
• In physical terms, the food market continued to grow, driven by
rising real incomes and demonstrating a 5.6% year-on-year increase for
October-November 2023.
• Real wage growth remains stable despite accelerating inflation.
Nominal wages continue to grow steadily by an average of 13-17% year-on-year
(according to Rosstat) amid labor shortages.
• The labour market remains strong. Unemployment declined to a
record 2.9% in October-November, on the back of greater involvement of the
population in economic activity. The number of employed individuals amounted
to 74.0 million people.
• The Bank of Russia raised the key rate two times from 13% to 16%
in Q4 2023 in response to accelerating inflation.
Offline business development
• Pyaterochka's offline net sales demonstrated strong growth of
20.3% year-on-year, with LFL sales (including express delivery) increasing by
13.0% in Q4 2023. LFL traffic increased by 3.0% year-on-year, while the LFL
basket increased by 9.6% year-on-year, driven by accelerating inflation.
Pyaterochka's network continued to expand, with 630 new stores added in Q4
2023 (on a gross basis).
• Perekrestok's offline net sales increased by 11.1% year-on-year in
Q4 2023 with LFL sales (including express delivery) growth of 14.4% in Q4
2023, primarily driven by LFL basket growth.
• Chizhik's offline net sales increased threefold year-on-year in Q4
2023. The network opened 429 new stores during the period and had a total of
1,500 stores in 43 regions of Russia as of 31 December 2023.
• The Store Director-Partner programme continues to deliver solid
results. The transformation of the store director's role generates additional
revenue in terms of LFL sales as well as EBITDAR. At the end of December 2023,
the programme covered 27% of Pyaterochka stores and 100% of Perekrestok
supermarkets.
Expansion and retail portfolio improvement
• X5 continues to focus on strengthening its positions in key
regions of operation and expanding its presence and market share organically,
as well as through selected tactical M&A opportunities.
• In Q4 2023, 630 gross new-concept Pyaterochka stores were opened;
in addition, 135 Pyaterochka stores were refurbished in line with the new
concept. The total number of stores operating under the new concept reached
8,706, or 40.9% of the Pyaterochka store base, as of 31 December 2023.
• 17 gross new-concept Perekrestok supermarkets were opened in Q4
2023; in addition, 4 Perekrestok supermarkets were refurbished in line with
the new concept. As of 31 December 2023, 292 supermarkets, or 30% of the
Perekrestok store base, were operating under the new concept.
• In Q4 2023, as part of the Company's ongoing rationalisation
programme, X5 closed 83 Pyaterochka proximity stores and one dark kitchen.
• In Q4 2023, X5 opened three new distribution centres in Omsk (29
ths. sq. m), Yekaterinburg (56 ths. sq. m) and Samara (71 ths. sq. m) to serve
its Pyaterochka proximity format, and two new distribution centres in
Novosibirsk (10.7 ths. sq. m) and Krasnogorsk (3 ths. sq. m) to support the
regional expansion of its Chizhik hard discounter format. One distribution
centre in Vidnoye (25.9 ths. sq. m) was transferred from the Pyaterochka
proximity format to the Chizhik hard discounter format.
• In October 2023, X5 Group obtained long-term lease rights for more
than 100 Grozd stores in Saratov and the Saratov region. In November 2023,
Pyaterochka proximity stores obtained long-term lease rights for 71 Amba
stores.
Loyalty programme
• At the end of Q4 2023, X5's loyalty programme had 77 million
active customers, while the programme's sales penetration reached 85.7%. The
average ticket of the 2.9 million loyalty programme customers who chose
favourite product categories was 8% higher than that of other loyalty
programme customers.
Digital business development
• In Q4 2023, X5's digital services had a total of 34.9 million
MAUs, an increase of 70.4% year-on-year.
• The GMV of X5 Digital in Q4 2023 reached RUB 45.9 billion,
increasing by 88.2% year-on-year, including VAT and gross of promo codes and
bonuses.
• Total digital business revenue (including X5 Digital, 5Post and
Mnogo Lososya) grew 89.4% year-on-year in Q4 2023 and contributed 2.1 p.p. to
the consolidated quarterly revenue growth rate of 24.7%. X5 Digital
successfully fulfilled over 352 thousand orders on peak days in December.
• X5 continues the rapid expansion of express delivery services from
Pyaterochka proximity stores and Perekrestok supermarkets. As of 31 December
2023, express delivery was available from 8,515 stores (7,409 Pyaterochka
stores, 923 Perekrestok supermarkets and 183 Chizhik hard discounters) as well
as 41 dark stores in 69 regions, up from 4,483 stores and 45 dark stores in 64
regions a year earlier. X5 aims to continue to develop its express delivery
services, as well as its partnerships with delivery aggregators, to provide
its customers with the convenience of an omnichannel shopping experience.
• In Q4 2023, 5Post's e-commerce delivery service revenue increased
by 96.2% year-on-year, driven by an increasing number of new partners. 5Post's
financial performance significantly improved due to a growing share of the
service's domestic partners and the introduction of advertising services for
partners. 5Post fulfilled 10.7 million orders in Q4 2023, with over 20
thousand pickup points in operation, including over 5 thousand multi-parcel
lockers. 5Post is increasing the volume of deliveries it processes from
existing partners and is accelerating its integration with new partners.
Parcel lockers and pickup points in stores generate additional LFL traffic of
up to 2%-3%.
• The Mnogo Lososya ready-to-eat digital service was operating 73
dark kitchens (including three franchisees) and 325 cafe points at Perekrestok
supermarkets at the end of December. Mnogo Lososya's online net sales
increased by 47.6% year-on-year in Q4 2023.
1. Numbers in this press release are preliminary and have not been
reviewed or audited by the Company's auditor
2. LFL comparisons of retail sales between two periods are comparisons
of retail sales in local currency (including VAT) generated by the relevant
stores. The stores that are included in LFL comparisons are those that have
operated for at least 12 full months. Their sales are included in LFL
calculations starting from the day of the store's opening. We include all
stores that fit our LFL criteria in each reporting period. Sales of the
express delivery service from stores and dark stores that have operated for
less than 12 full months are also included in LFL calculations.
3. Including Pokupochka, Pokupalko, Victoria, Kvartal, Deshevo, CASH.
4. Vprok.ru, express delivery, 5Post and Mnogo Lososya.
5. In the tables and text in this press release, immaterial deviations
in the calculation of % change, subtotals and totals are due to rounding.
6. Including Krasny Yar and Slata. Including Karusel for Q4 2022 and FY
2022.
7. Net retail sales represent revenue from operations of X5-managed
stores net of VAT. This number differs from revenue, which also includes
proceeds from direct franchisees (royalty payments) and other revenue, which
will be reported as part of X5's Q4 2023 financial results.
8. Including Mnogo Lososya, Krasny Yar and Slata. Including Karusel for
Q4 2022 and FY 2022.
9. Excluding Krasny Yar and Slata, Vprok.ru and Mnogo Lososya; including
Chizhik.
10. Including Krasny Yar and Slata. Including Karusel for Q4 2022 and FY
2022
11 Including Vprok.ru dark stores, Mnogo Lososya dark kitchens, Krasny Yar
and Slata stores. Including Karusel for Q4 2022 and FY 2022.
12 GMV is the value of delivered orders at their final prices (incl. VAT),
gross of promo codes and bonuses applied.
13 GMV is the value of delivered orders at their final prices (incl. VAT),
gross of promo codes and bonuses applied, and including delivery and cafe
points in Perekrestok stores. Sales at cafe points (incl. VAT) totalled RUB
853 mln in Q4 2023 and RUB 320 mln in Q4 2022 and are accounted for in
Perekrestok's revenue (excl. VAT).
NOTE TO EDITORS
X5 Retail Group N.V. (LSE and MOEX: FIVE; Expert RA - ruAAA; ACRA - AAA(RU))
is a leading Russian food retailer. The Company operates proximity stores
under the Pyaterochka brand, Perekrestok supermarkets and Chizhik hard
discounters. X5 provides an omnichannel experience to its customers,
integrating retail stores and e-commerce through its businesses Vprok.ru,
5Post and Mnogo Lososya.
As of 31 December 2023, X5 had 24,472 Company-operated stores. It has the
leading market position in both Moscow and St Petersburg and a significant
presence in the European part of Russia, as well as a growing presence in the
Russian Far East. Its store base includes 21,308 Pyaterochka proximity stores,
972 Perekrestok supermarkets, 1,500 Chizhik hard discounters and 610 Krasny
Yar and Slata stores. The Company operates 62 DCs and 5,344 Company-owned
trucks across the Russian Federation.
X5 is one of the largest employers in Russia. The Company employs over 372
thousand people.
For the full year 2022, revenue totalled RUB 2,605,232 million (USD 38,005
million*), EBITDA pre-IFRS 16 reached RUB 186,788 million (USD 2,725
million*), and net profit pre-IFRS 16 for the period amounted to RUB 52,248
million (USD 762 million*). In 9M 2023, revenue totalled RUB 2,264,643 million
(USD 27,386 million**), adjusted EBITDA pre-IFRS 16 reached RUB 163,212
million (USD 1,974 million**), and net profit pre-IFRS 16 amounted to RUB
71,250 million (USD 862 million**).
Forward-looking statements
This announcement includes statements that are, or may be deemed to be,
"forward-looking statements". These forward-looking statements can be
identified by the fact that they do not only relate to historical or current
events. Forward-looking statements often use words such as "anticipate",
"target", "expect", "estimate", "intend", "expected", "plan", "goal",
"believe", or other words of similar meaning.
By their nature, forward-looking statements involve risk and uncertainty
because they relate to future events and circumstances, a number of which are
beyond X5 Group N.V.'s control. As a result, actual future results may differ
materially from the plans, goals and expectations set out in these
forward-looking statements.
Any forward-looking statements made by or on behalf of X5 Group N.V. speak
only as of the date of this announcement. Save as required by any applicable
laws or regulations, X5 Group N.V. undertakes no obligation publicly to
release the results of any revisions to any forward-looking statements in this
document that may occur due to any change in its expectations or to reflect
events or circumstances after the date of this document.
* FX rate: 68.5494 USD/RUB
** FX rate: 82.6934 USD/RUB
For further details please contact:
Polina Ugryumova
Head of Corporate Finance and IR
Tel.: +7 (495) 662-88-88 ext. 13-312
e-mail: Polina.Ugryumova@x5.ru
Maria Yazeva
Investor Relations Officer
Tel.: +7 (495) 662-88-88 ext. 13-147
e-mail: Maria.Yazeva@x5.ru
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