Lenta 1Q 20 Trading Update Company News - Retail revenue grew by 7.5%, LFL sales increased by 4%
Today, Lenta released its 1Q 20 trading update featuring decent 7.5% yoy retail revenue growth on the back of 4.0% LFL sales growth. Nevertheless, we take the results neutrally as we think that they could have been anticipated due to customers stocking up in March as the COVID-19 situation developed and an additional day in February. The company did not provide any guidance for 2020e given the uncertain situation with COVID-19 and the RUB FX rate.Lenta is a hypermarket group based in Russia. Co. operates 87 hypermarkets in 50 cities across Russia and 16 supermarkets in the Moscow region with a total of approximately 571,328 sq.m. of selling space. Co. also operates four distribution centers for hypermarkets and one for supermarkets. operates three hypermarket formats: Standard, typically with approximately 7,000 sq. m. of selling space (smaller than many Western European hypermarkets) and 24,000 stock keeping unit (SKUs); Compact, typically with approximately 5,000 sq. m. of selling space and 20,300 SKUs; and Supercompact, typically with approximately 3,000 sq. m. of selling space and 15,000 SKUs.
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