date:Mar 10, 2014
ion.
The poor performance in 2012 was blamed was due to operational and management issues after a strategy change in 2011.
2013 was a year of positive change for X5, and I am pleased to report that over the past 12 months we have made significant progress in transforming our business, CEO Stephan DuCharme said.
Last year, X5 lost its market lead in Russia to Magnit, who recorded revenue in 2013 of $18.2 billion.