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. Last Updated: 07/27/2016

Bargain Hunters Push Up X5 Sales

Bargain hunters at X5 Retail Group's discount stores helped lift sales at Russia's top grocer by 46 percent to 63.09 billion rubles ($1.8 billion).

Since the economic crisis hit in mid-2008, Russian consumers have scaled back spending, shifting to basic goods from premium brands and shopping increasingly in low-priced chains.

"Q1 2009 was the first quarter in which trading downtrends became clearly evident, especially in February and March," X5 said in a statement.

Like-for-like sales at Russia's largest grocer by sales rose by 13 percent growth in the period in ruble terms, X5 said adding that its budget Pyatyorochka stores saw 25 percent like-for-like growth in Moscow and 23 percent in Russia's provinces.

Total like-for-like sales at all the company's soft discounters rose 17 percent, ahead of 11 percent at hypermarkets and just 8 percent at supermarkets.