X5 Q2 Sales Down Sequentially On Lower Inflation, BMI Still Upbeat On Year-End Outlook

Russia's largest mass grocery retailer (MGR) by annual sales X5 has reported an 18% year-on-year (y-o-y) increase in Q210 (to June) sales. Although sequential momentum slipped up slightly (Q110 sales were up 20% y-o-y), this was largely down to less conducive food inflation. We continue to largely like X5's year-end outlook - bulleted below are the key factors driving this

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