AppId is over the quota
* Sees gross sales up about 35 pct vs 40 pct previously
* Says margins could be hit in Q4, beyond by price cuts
* Q3 sales growth slows to 32 pct from 41 pct in Q2
* Like-for-like sales up 4 pct vs 10 pct in Q2
MOSCOW, Oct 10 (Reuters) - Russian food retailer X5 cut its full-year 2011 sales growth outlook on Monday, citing worsening economic conditions, and warned its margins could take a hit from a price-cutting campaign aimed at keeping customers.
X5 now expects full-year gross rouble sales growth to be closer to 35 percent, compared to an earlier target of 40 percent, the company said in a statement.
"The continuing deterioration of the macro-economic environment could further deepen our customers' trading down in Q4 2011 and beyond," said the company, part of Mikhail Fridman's Alfa Group empire.
Its third-quarter sales grew 32 percent in rouble terms to 105 billion roubles ($3.3 billion), a slowdown from a 41 percent increase in the previous quarter.
Of that total, organic sales -- excluding the recently acquired Kopeika chain -- were up 18 percent in roubles, while like-for-like sales increased 4 percent compared to a 10 percent rise in the second quarter.
X5 said it would cut prices to keep thrifty customers coming to its stores.
"In an effort to support our customer base in an uneasy economic environment, we are increasing the pace of a promo-campaign in Q4 2011 that together with a comprehensive aged stock clearance could adversely affect X5's margins in Q4 2011."
X5 also said it was on track to deliver on its objective of 540 store openings in 2011.
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