UPDATE 2-Russia's X5 Q2 sales growth slows as prices held

* Net retail sales rose 18 pct in roubles vs 20 pct in Q1

* Reiterates 2010 sales growth fcast in "low-20 pct range"

* Like-for-like sales grew 4 pct vs 7 pct in Q1

* Says CFO to leave to take a senior job in another company

* Shares down 0.2 percent

(Adds context, company and analyst comments, share price)

By Maria Kiselyova

MOSCOW, July 9 (Reuters) - X5 Retail Group (PJPq.L), Russia's biggest grocer by sales, said low food inflation held back sales growth in the second quarter as it kept prices down amid a fragile recovery in consumer spending.

The company, just under 50 percent owned by billionaire Mikhail Fridman's Alfa Group, said on Friday second-quarter net sales rose 18 percent to 79.8 billion roubles ($2.58 billion), after 20 percent growth in the first quarter.

Retailers across the world are coping with low price tags in the wake of the economic downturn and are looking for signs of a sustainable consumer recovery. [ID:nLDE65R0RH] [ID:nLDE65E0TQ] [ID:nLDE65D1QM]

X5, which has said it does not expect to see signs of a significant recovery before end-2010, said prices on its shelves grew 1.5 percent in June year-on-year, while Russian food inflation stood at 4.5 percent against 12 percent in June 2009.

"We see the figures as rather neutral: total sales dynamics are currently slightly weaker than our full-year forecasts, but we believe that traditionally strong 4Q will improve the situation," analysts at broker RMG said in a note.

X5's London-listed stock was down 0.20 percent by 1013 GMT, outperforming rival Magnit (MGNTq.L) which will report its second-quarter results on Monday.

SOLID MOMENTUM

X5 reiterated its 2010 sales growth forecast in a "low-20 percent range" as announced on May 27. [ID:nLDE64Q0B4]

Like-for-like sales, a key indicator of mature stores' performance, grew 4 percent in rouble terms in the second quarter against a 7 percent increase in the January through March period. The average bill grew 2 percent.

Discount chain Pyaterochka, which accounts for almost 60 percent of the company's total sales, continued to outperform other formats, with a 24 percent rise in rouble net retail sales and an 11 percent jump in like-for-like sales.

X5 said it would continue to focus on "targeted price campaigns" as well as promotions and upgrades to loyalty card programmes.

"All of these factors, coupled with increasing new store openings and solid momentum demonstrated by discounters, make us confident in our outlook for 2010 top line growth," Chief Executive Lev Khasis said in the statement.

As of June 30, X5 had 1,514 stores, including 1,135 discounters, up from a total of 1,399 stores as of March 31.

The company also said that Chief Financial Officer Yevgeny Kornilov will leave X5 in October following his acceptance of a senior management position at another group. (Reporting by Maria Kiselyova; editing by John Bowker and Hans Peters) ($1=30.96 Rouble)