CFO: X5 cuts plans to open new stores in 2020 by 20%

MOSCOW, Apr 24 (PRIME) -- Russia’s X5 Retail Group, the owner of Pyaterochka, Perekrestok and Karusel chains, has reduced the number of stores it planned to open in 2020 by 20%, CFO Svetlana Demyashkevich said Friday during a conference call.

“Now we plan to open about 20% fewer stores than we originally planned. The number of updates will decrease by about 40% from the original plans,” Demyashkevich said.

This year, X5 planned to open up to 2,000 “convenience stores” and supermarkets and reconstruct 1,300 Pyaterochka stores transferring them to a new format. The group also planned to update about 30 Perekrestok supermarkets.

The group’s capital expenditures in 2020 will not exceed the level of 2019, she also said.

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