UPDATE: X5 Group says sees revenue rising more than 10% in 2022

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MOSCOW, Oct 27 (PRIME) -- Russia’s X5 Group, the owner of grocery chains Pyaterochka, Perekrestok and Karusel, plans to maintain a revenue growth of more than 10% in 2022, the company CEO Igor Shekhterman said on Wednesday.

“We plan to maintain a revenue growth rate of more than 10% per year,” he said.

X5 Group also plans to open at least 2,000 new stores in 2022, including about 300 hard discounters Chizhik, Shekhterman said.

“We are confident that at this rate, we will be able to ensure both double-digit revenue growth and stable profitability and investment ratios,” Shekhterman said.

The company’s CFO Vsevolod Starukhin said that more than 7,000 stores will be opened in Russian in the next three years.

“We plan to open more than 7,000 stores, including Chizhik, in the next three years. About 10% of these openings will be in Moscow, and the rest will be in the regions,” Starukhin said.

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