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Date: Friday 29 Aug 2008

LONDON (ShareCast) - Russian Food retailer X5 Retail saw sales and profit for the half-year jump as it revised its full year guidance for 2008.

X5's net sales surged 60% in the second quarter to $1,980m, helping EBITDA reach $190m, a year-on-year increase of 81%

For the half-year, X5's EBITDA rose 66%, reaching $351m on sales that increased 60% to $3,766m.

The figures excluded the recent acquisition of the Karusel chain.

The company said it expected full-year 2008 sales, excluding currency gains, to rise more than 40%, which will include Karusel. EBITDA margin for the year is in the range of 8.4% to 8.6%.

“Whilst our continual investment in prices and customer loyalty resulted in increased sales volumes, our cost control policy has enabled us to enhance profitability,” said the group.

“Going forward we will maintain our focus on efficiency, and our key task for the rest of the year is to ensure smooth integration of Karusel and improvement of its operational and financial performance,” it added.

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