July 24, 2018 / 4:18 PM / 5 months ago

Russia's Lenta expects positive free cash flow next year - CEO

MOSCOW, July 24 (Reuters) - Russian food retailer Lenta expects positive free cash flow next year, the company told investors on Tuesday.

“Our cash generation from operations continues to grow strongly and at the current level of capex we would become free cash flow positive next year,” Lenta Chief Executive Jan Dunning said in a conference call.

“This creates more options for acquisitions, deleveraging or returning cash to shareholders,” he added.

Dunning also said the company sees opportunities for growth in Russia, but would retain strict capital spending discipline and would be highly selective and critical when deciding to embark upon any acquisitions.

Earlier on Tuesday Lenta said its second quarter sales were up 16.6 percent to 99.8 billion roubles ($1.6 billion), year-on-year, while like-for-like sales were up 3.5 percent for the same period.

Reporting by Olga Sichkar; Writing by Polina Ivanova; Editing by David Evans

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