REG - X5 Retail Group N.V - X5 Group net sales increase 18.3% in 2022
24/01/2023 07:00
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RNS Number : 5993N X5 Retail Group N.V. 24 January 2023
X5 Group 2022 net sales increase 18.3%
Digital business net sales up 46.6%
Amsterdam, 24 January 2023 - 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 2022(1).
FY 2022 HIGHLIGHTS
+18.3% y-o-y
Total net sales increased by RUB 402.2 billion, totalling RUB 2.6 trillion
10.8% y-o-y increase in like-for-like (LFL(2)) sales
7.5% contribution to sales growth from a 8.3% increase in selling space
+2,202 new stores
X5 net new stores in 2022
Including 1,192 proximity stores, 445 hard discounters, 595 Krasny Yar and
Slata stores, 7 joint dark stores and 6 dark kitchens.
19 supermarkets, 21 hypermarkets and 3 Vprok.ru dark stores were closed.
12x y-o-y
Chizhik net sales increased by RUB 33.0 billion, totaling RUB 35.9 billion
Chizhik opened 445 stores and entered 9 new regions in 2022.
+18.0% y-o-y
Net offline retail sales for Pyaterochka increased by RUB 320.5 billion,
totalling RUB 2.1 trillion
+8.3% y-o-y
Net offline retail sales for Perekrestok increased by RUB 27.9 billion,
reaching RUB 365 billion
+46.6% y-o-y
Digital business(3) net sales increased by RUB 22.4 billion, totalling RUB
70.4 billion
2.7% of total net sales
+0.6 p.p. of consolidated revenue growth rate
Q4 2022 HIGHLIGHTS
+16.3% y-o-y
Total net sales increased by RUB 98.6 billion, totaling RUB 704.0 billion
7.9% y-o-y increase in like-for-like (LFL(2)) sales
8.4% contribution to sales growth from a 8.3% increase in selling space
+1,093 new stores
X5 net new stores in Q4 2022
Including 299 proximity stores, 201 hard discounters, 595 Krasny Yar and Slata
stores, 2 dark kitchens and 3 joint dark stores.
5 hypermarkets and 2 Vprok.ru dark stores were closed.
8x y-o-y
Chizhik net sales increased by RUB 13.4 billion, totaling RUB 15.2 billion
+13.5% y-o-y
Net offline retail sales for Pyaterochka increased by RUB 65.5 billion,
reaching RUB 551.9 billion
+4.4% y-o-y
Net offline retail sales for Perekrestok increased by RUB 4.1 billion,
reaching RUB 98.0 billion
+35.8% y-o-y
Digital business(3) net sales increased by RUB 5.8 billion, totalling RUB 22.1
billion
3.1% of total net sales
+0.6 p.p. of consolidated revenue growth rate
X5 Chief Executive Officer Igor Shekhterman commented:
"Despite a challenging macro environment, X5 Group continued to deliver strong
results while expanding our market presence and customer offering. In that
regard, I would like to start off by thanking the entire X5 team, including
all staff and management, for their contribution to X5's impressive
performance and their commitment to providing the best possible value and
service to our customers.
"In 2022, total net sales grew by 18.3% to RUB 2.6 trillion, with net offline
sales at Pyaterochka and Perekrestok increasing by 18.0% and 8.3%
year-on-year, respectively. X5 added 2,202 net new stores in 2022 (compared to
1,366 net new stores in 2021), driven by the expansion of the Group's
proximity and hard discounter formats as well as the addition of stores from
Krasny Yar and Slata, two leading retailers in Eastern Siberia, with whom X5
finalised a strategic partnership this year.
"We have continued to see standout performance from our hard discounter
format, Chizhik, since its launch in the fall of 2020. Chizhik's net sales
grew 12-fold year-on-year in 2022 to nearly RUB 36 billion, while the number
of stores increased 7-fold to a total of 517 stores by the end of December.
The hard discounter format has proven attractive to customers looking for the
best price offer amid ongoing food inflation, and we plan to accelerate store
openings for Chizhik in 2023.
"X5's digital businesses saw net sales rise by 46.6% year-on-year to RUB 70.4
billion, with our express delivery service, Vprok.ru online hypermarket and
the Mnogo Lososya ready-to-eat delivery service demonstrating solid GMV growth
in 2022. In 2022, we continued to rapidly expand express delivery services
from Pyaterochka and Perekrestok stores and secured partnerships with three
leading delivery aggregators to make online delivery from X5 stores even more
convenient. We also completed a revamp of our loyalty programme, X5 Club,
which numbered nearly 70 million active loyal customers by the end of Q4 2022.
"Social responsibility became an even bigger priority for X5 in 2022. I would
particularly like to note our tremendous effort to ensure that all products
remained available for our customers despite a very challenging supply chain
environment. X5 also continued to support local communities through various
charitable initiatives. Notably, we collected more than 518 tonnes of food
donations through our Basket of Kindness joint project, a 1.5-fold increase
from the amount collected in 2021. We also launched a pilot food sharing
initiative, which we plan to roll out across more regions of Russia.
"In 2023, our key areas of focus include entry into the Russian Far East,
which will significantly expand X5's market geography and create new
opportunities for customers and suppliers in the region. After signing a
cooperation agreement with the Russian Far East and Arctic Development
Corporation (RFEADC) in September 2022, we plan to assess local infrastructure
needs in Q1 2023 in order to develop our further course of action.
"Additionally, in 2023 we will continue to actively expand our hard discounter
and proximity store networks with a focus on more accessible pricing, as well
as reviewing opportunities to expand to new territories through strategic
partnerships with local retail chains."
NET SALES PERFORMANCE
Sales of offline and digital businesses(4)
RUB MLN Q4 2022 Q4 2021 CHANGE FY 2022 FY 2021 CHANGE
Y-O-Y, % OR MULTIPLE
Y-O-Y, % OR MULTIPLE
Pyaterochka 551,900 486,449 13.5 2,100,019 1,779,550 18.0
Perekrestok 97,965 93,861 4.4 365,283 337,362 8.3
Karusel 2,355 6,987 (66.3) 15,693 31,723 (50.5)
Chizhik 15,233 1,854 8x 35,893 2,940 12x
Offline net sales (5) 681,935 589,151 15.7 2,531,369 2,151,575 17.7
Digital businesses' net sales 22,058 16,244 35.8 70,354 47,991 46.6
Total net sales 703,993 605,395 16.3 2,601,723 2,199,566 18.3
Net retail sales(6) by format
Including express delivery, excluding Vprok.ru and 5Post sales
RUB MLN Q4 2022 Q4 2021 CHANGE FY 2022 FY 2021 CHANGE
Y-O-Y, % OR MULTIPLE
Y-O-Y, % OR MULTIPLE
Pyaterochka 560,440 491,290 14.1 2,122,793 1,793,676 18.3
Perekrestok 104,400 97,986 6.5 385,495 348,941 10.5
Karusel 2,355 6,993 (66.3) 15,693 31,742 (50.6)
Chizhik 15,233 1,854 8x 35,893 2,940 12x
Net retail sales(7) 697,568 598,519 16.5 2,576,578 2,178,298 18.3
Q4 & FY 2022 LFL store performance by format
% change y-o-y(8)
Q4 2022 FY 2022
SALES TRAFFIC BASKET SALES TRAFFIC BASKET
Pyaterochka 8.4 4.7 3.6 11.7 3.5 7.9
Perekrestok 5.3 1.2 4.0 7.1 0.0 7.1
X5 Group(9) 7.9 4.3 3.5 10.8 3.1 7.5
Q4 2022 monthly net retail sales (RUB) by format
% or multiple change y-o-y
OCTOBER 2022 NOVEMBER 2022 DECEMBER 2022
Pyaterochka 14.1 12.8 13.5
Perekrestok 4.1 4.7 4.3
Karusel (61.8) (66.3) (69.6)
Chizhik 10x 9x 7x
Offline business total 14.5 16.2 16.4
Digital business total 31.7 27.3 45.7
Total 14.9 16.5 17.2
AVERAGE TICKET AND NUMBER OF CUSTOMER VISITS
Q4 & FY 2022 average ticket and customer visits by offline format
AVERAGE TICKET, RUB Q4 2022 Q4 2021 CHANGE FY 2022 FY 2021 CHANGE
Y-O-Y, % OR MULTIPLE
Y-O-Y, % OR MULTIPLE
Pyaterochka 453.9 438.5 3.5 441.3 409.2 7.9
Perekrestok 713.0 683.7 4.3 670.6 626.0 7.1
Karusel 1,149.2 1,198.9 (4.1) 1,070.7 1,016.6 5.3
Chizhik 609.8 616.7 (1.1) 630.3 567.8 11.0
X5 Group(10) 484.2 470.0 3.0 469.0 437.4 7.2
NUMBER OF CUSTOMER VISITS, MLN
Pyaterochka 1,415.1 1,284.6 10.2 5,524.1 5,028.7 9.9
Perekrestok 167.1 163.8 2.0 657.6 636.5 3.3
Karusel 2.4 6.8 (65.1) 16.9 36.0 (53.1)
Chizhik 28.5 3.4 8x 64.8 5.9 11x
X5 Group(10) 1,648.2 1,458.5 13.0 6,298.6 5,707.1 10.4
Q4 2022 average monthly ticket and customer visits by offline format
% or multiple change y-o-y
AVERAGE TICKET OCTOBER 2022 NOVEMBER 2022 DECEMBER 2022
Pyaterochka 4.0 2.8 3.7
Perekrestok 4.9 2.3 5.3
Karusel (2.4) (4.5) (2.9)
Chizhik 3.4 0.8 (3.8)
X5 Group(10) 3.6 2.2 3.1
NUMBER OF CUSTOMER VISITS
Pyaterochka 9.6 10.6 10.3
Perekrestok 0.2 4.4 1.7
Karusel (60.9) (64.9) (69.0)
Chizhik 10x 9x 7x
X5 Group(10) 10.5 14.7 14.0
EXPANSION DYNAMICS
Selling space and number of stores by format
SELLING SPACE, AS AT 31-DEC-22 AS AT 31-DEC-21 CHANGE
SQUARE METRES
VS 31-DEC-21, % OR MULTIPLE
Pyaterochka 7,497,056 7,048,488 6.4
Perekrestok 1,085,496 1,098,905 (1.2)
Karusel 49,225 128,063 (61.6)
Chizhik 152,370 20,327 7x
Joint dark stores 8,087 - n/a
X5 Group(11) 9,107,479 8,409,757 8.3
NUMBER OF STORES
Pyaterochka 19,164 17,972 6.6
Perekrestok 971 990 (1.9)
Karusel 12 33 (63.6)
Chizhik 517 72 7x
Joint dark stores 7 - n/a
X5 Group(11) 21,323 19,121 11.5
Selling space and number of stores added by format
SELLING SPACE, NET ADDED NET ADDED CHANGE NET ADDED NET ADDED CHANGE
SQUARE METRES
Y-O-Y, % OR MULTIPLE
Y-O-Y, % OR MULTIPLE
Q4 2022 Q4 2021 FY 2022 FY 2021
Pyaterochka 111,224 138,886 (19.9) 448,568 506,866 (11.5)
Perekrestok (7,509) 18,194 n/a (13,409) 85,046 n/a
Karusel (18,521) (5,008) n/a (78,837) (94,056) n/a
Chizhik 59,352 12,464 5x 132,043 19,347 7x
Joint dark stores 2,729 - n/a 8,087 - n/a
X5 Group(12) 348,288 193,774 79.7 697,722 569,702 22.5
NET NUMBER OF STORES
Pyaterochka 299 372 (19.6) 1,192 1,263 (5.6)
Perekrestok - 10 n/a (19) 57 n/a
Karusel (5) (1) n/a (21) (23) n/a
Chizhik 201 43 5x 445 68 7x
Joint dark stores 3 - n/a 7 - n/a
X5 Group(12) 1,093 433 152.4 2,202 1,414 55.7
DIGITAL BUSINESSES' PERFORMANCE
Q4 2022 Q4 2021 CHANGE FY 2022 FY 2021 CHANGE
Y-O-Y, % OR MULTIPLE
Y-O-Y, % OR MULTIPLE
VPROK.RU
GMV,(13) RUB mln 6,521 6,824 (4.4) 26,236 22,081 18.8
Number of orders, ths 1,219 1,477 (17.5) 5,336 4,706 13.4
Average ticket, RUB 5,307 4,454 19.1 4,798 4,533 5.8
EXPRESS DELIVERY
GMV,(13) RUB mln 17,794 10,801 64.7 50,587 30,800 64.2
Number of orders, ths 10,379 6,418 61.7 29,038 19,183 51.4
Average ticket, RUB 1,652 1,608 2.8 1,694 1,533 10.5
5POST
Number of parcels, ths 6,866 12,203 (43.7) 25,986 26,994 (3.7)
MNOGO LOSOSYA
GMV,(14) RUB mln 1,294 608 113.0 4,066 1,447 181.0
Number of orders, ths 400 284 40.6 1,481 744 99.0
Average ticket, RUB 1,970 1,728 14.0 1,915 1,640 16.8
KEY DRIVERS FOR Q4 2022 RESULTS
External environment
• Food inflation in Q4 2022 was 11.2% year-on-year (vs. 15.6%
year-on-year in Q3 2022). Deceleration in the growth rate of food prices was
driven by a high base effect at the end of 2021 and weaker demand on food
products.
• The Russian food retail market decreased by 2.7% in real terms in
April-November 2022. Migration outflows in early autumn locally reduced demand
for food. However, demand began to recover by October.
• Real wages resumed growth for the first time since March 2022. The
rate of price growth is decelerating, while nominal wages are steadily
increasing at an average rate of 10-12%.
• The labour market remains strong. Unemployment declined to a
record low of 3.7% in November despite seasonality.
• The Bank of Russia left the key rate unchanged at 7.5%.
Offline business development
• Pyaterochka's offline net sales demonstrated strong growth of
13.5% year-on-year, with LFL sales increasing by 8.4% in Q4 2022. LFL traffic
increased by 4.7% year-on-year, while the LFL basket increased by 3.6%
year-on-year, driven by price investments and decelerating food inflation.
Pyaterochka's network continued to expand, with 341 new stores opened in Q4
2022 (on a gross basis).
• Perekrestok's offline net sales increased by 4.4% year-on-year in
Q4 2022, with LFL sales growth at 5.3%, reflecting the closure of nine stores
in Q4 2022.
• Chizhik's net sales increased 8-fold year-on-year in Q4 2022. The
network opened 201 new stores during the period and totalled 517 stores as of
31 December 2022. We expect further acceleration of openings in 2023.
• In Q4 2022, Karusel's offline net sales decreased by 66.3%, driven
by downsizing as part of the format's transformation programme. LFL sales were
down by 33.5%, mainly due to activities in some of the remaining Karusel
stores preparing for closure.
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.
• 339 gross new-concept Pyaterochka stores were opened in Q4 2022;
in addition, 57 Pyaterochka stores were refurbished in line with the new
concept. The total number of stores operating under the new concept reached
6,046, or 31.5% of the Pyaterochka store base, as of 31 December 2022.
• 16 Perekrestok supermarkets were opened following refurbishment in
Q4 2022, in addition to the opening of nine new stores. As of 31 December
2022, 262 supermarkets, or 27% of the Perekrestok store base, were operating
under the new concept.
• In November 2022, X5 finalised a strategic partnership with Krasny
Yar and Slata groups, two of the leading retailers in Eastern Siberia. As part
of the agreement, X5 acquired 70% of Krasny Yar's and Slata's businesses.
• In Q4 2022, as part of the Company's ongoing rationalisation
programme, X5 closed 42 proximity stores, nine supermarkets, five
hypermarkets, two Vprok.ru dark stores and four dark kitchens.
• In Q4 2022, X5 opened one new distribution centre in the Moscow
region (12 ths sq. m) to support its Chizhik hard discounter format.
Loyalty programmes
• In Q4 2022, over 19.5 thousand stores were connected to the new
processing system for X5 Group's loyalty programme, X5 Club. At the end of Q4,
the number of active loyalty programme customers was 69.5 million, while the
programme's sales penetration reached 78.3%. The average ticket of an active
customer when using a loyalty card increased two-fold compared to an active
customer not using a loyalty card.
• In Q4 2022, X5 Group launched new features of its loyalty
programme: customers can now accumulate bonus points more quickly by selecting
favorite product categories or attaining a higher membership level. Bonus
points can be accumulated and used at Pyaterochka and Perekrestok stores. 16%
of mobile app users actively choose their favorite categories and c. 24% of
active monthly customers meet the conditions to move up to a higher membership
level.
Development of digital businesses
• In Q4 2022, X5 digital services MAUs decreased by 23.6% to a total
of 20.5 million, driven by a decrease in MAUs of X5's online media platform
Food.ru by 52.7% on the back of restrictions on foreign social networks in
Russia.
• The combined GMV of express delivery and Vprok.ru services in Q4
2022 reached RUB 24.3 billion, up 38.0% year-on-year, including VAT and gross
of promo codes and bonuses. Express delivery GMV increased by 64.7%
year-on-year.
• Total digital business revenue (including Vprok.ru, express
delivery, 5Post and Mnogo Lososya) grew 35.8% year-on-year in Q4 2022 and
contributed 0.6 p.p. to the consolidated quarterly revenue growth rate of
16.3%. Vprok.ru and express delivery successfully fulfilled 235 thousand
orders on peak days in December, an increase of 73% year-on-year.
• X5 continues the rapid expansion of express delivery services from
Pyaterochka proximity stores and Perekrestok supermarkets. In October 2022, X5
partnered with Yandex Eats in addition to SberMarket and Delivery Club to
expand its online delivery offering from X5 stores. As of 31 December 2022,
express delivery is available from 4,483 stores (3,674 Pyaterochka stores and
809 Perekrestok supermarkets) as well as 45 dark stores in 64 regions,
compared with 1,611 stores and 50 regions a year earlier. X5 aims to continue
to develop its express delivery services as well as its partnerships with
aggregators to offer customers the convenience of an omnichannel shopping
experience.
• In Q4 2022, the total number of Vprok.ru orders decreased by 17.5%
year-on-year and totalled 1.2 million in Q4 2022. In October 2022, X5 Group
expanded its partnership with SberMarket to offer deliveries from Vprok.ru in
Moscow and St. Petersburg.
• In Q4 2022, 5Post's e-commerce delivery service revenue decreased
by 30% year-on-year due to a decreased number of parcels from international
providers. At the same time, 5Post's financial performance significantly
improved due to a growing share of the services' domestic partners. Orders
fulfilled by 5Post reached 6.9 million in Q4 2022, with over 23 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, which became part
of X5 Group in late March 2021, was operating 58 dark kitchens (including four
franchisees) and 235 sushi points in Perekrestok supermarkets by the end of
December. Mnogo Lososya's online net sales increased by 65.7% y-o-y in Q4
2022.
Notes:
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.
3. Vprok.ru, express delivery, 5Post and Mnogo Lososya.
4. In the tables and text of this press release, immaterial deviations
in the calculation of % change, subtotals and totals are due to rounding.
5. Including Krasny Yar and Slata.
6. 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 2022 financial results.
7. Including Mnogo Lososya, Krasny Yar and Slata.
8. Excluding Vprok.ru and Mnogo Lososya.
9. Including Chizhik and Karusel.
10. Including Krasny Yar and Slata.
11. Including Vprok.ru dark stores, Mnogo Lososya dark kitchens, Krasny Yar
and Slata stores.
12. Including Vprok.ru dark stores, Mnogo Lososya dark kitchens, Krasny Yar
and Slata stores.
13. GMV is the value of delivered orders at their final prices (incl. VAT),
gross of promo codes and bonuses applied.
14. GMV is the value of delivered orders at their final prices (incl. VAT),
gross of promo codes and bonuses applied including delivery and sushi points
in Perekrestok.
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 2022, X5 had 21,323 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. Its store base includes 19,164
Pyaterochka proximity stores, 971 Perekrestok supermarkets, 517 Chizhik hard
discounters and 595 Krasny Yar and Slata stores. The Company operates 53 DCs
and 4,386 Company-owned trucks across the Russian Federation.
X5 is one of the largest employers in Russia. The Company employs over 352
thousand people.
For the full year 2021, revenue totalled RUB 2,204,819 million (USD 29,935
million*), EBITDA pre-IFRS 16 reached RUB 161,024 million (USD 2,186
million*), and net profit pre-IFRS 16 for the period amounted to RUB 48,513
million (USD 659 million*). In 9M 2022, revenue totalled RUB 1,900,049 million
(USD 26,908 million**), adjusted EBITDA pre-IFRS 16 reached RUB 152,894
million (USD 2,165 million**), and net profit pre-IFRS 16 amounted to RUB
46,395 million (USD 657 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: 73.6541 USD/RUB
** FX rate: 70.6135 USD/RUB
For further details, please contact:
Maria Yazeva
Investor Relations Officer
Tel.: +7 (495) 662-88-88 ext. 13-147
e-mail: Maria.Yazeva@x5.ru
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