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Russia's X5 Retail Group Q4 profits beat forecasts

Reuters - UK Focus

MOSCOW, March 6 (Reuters) - Russia's second-biggest food retailer X5 reported on Thursday a $136 million net profit for the fourth quarter of 2013 after a year-ago loss, beating analysts' forecasts.

The profit figure was above a $85.8 million average view in a Reuters poll, while the year earlier the company reported a $273.8 million net loss due to an impairment charge.

X5 lost its market lead to Magnit (MCX: MGNT.ME - news) last year, having struggled with operational and management issues after a strategy shift in 2011. Its full-year 2013 revenues stood at $16.8 billion compared with Magnit's $18.2 billion.