Sedmoi Kontinent H1 Sales Support Retail Pick Up Despite Sequential Slowdown

Lending further credence to the ongoing guarded recovery retail sales in Russia, supermarket retailer Sedmoi Kontinent (Seventh Continent) has posted a 1.7% year-on-year (y-o-y) increase in H1 (six months to June 30 2010) like-for-like (l-f-l) local currency denominated sales (11.7% in US dollar terms). Sedmoi's performance serves as a particularly useful barometer given that it focuses exclusively on hypermarkets and supermarkets - two segments that felt the brunt of the economic malaise.

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