October 29, 2018 / 7:17 AM / 15 days ago

BRIEF-Russia's Lenta says Q3 sales up 12.5 pct y/y, announces buyback

Oct 29 (Reuters) - Russian food retailer Lenta says:

* Total sales grew 12.5 percent year on year in the third quarter of 2018 to 100.8 billion roubles ($1.53 billion);

* Total sales grew 16.1 percent year on year in the first nine months of 2018 to 294 billion roubles;

* Its board of directors has authorised a GDR buyback program under which total purchases of up to 11.6 billion roubles could be made, which corresponds to 10 percent of all the company’s GDRs based on their quoted sale price as of the close of trading on Oct. 26;

* The GDR buyback programme will be conducted between Oct. 29, 2018 and Oct. 29, 2019;

* It plans to grow selling space at a significantly slower pace in 2019 which will result in positive free cash flow. Further company coverage: ($1 = 65.8425 roubles) (Reporting by Moscow newsroom)

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