RUSSIA: Dixy bangs the drum after robust Q1
Russian retailer Dixy said today (2 June) that the company could be an "attractive" option for investors into the country's fast-growing food retail sector after it posted robust first-quarter results.
Dixy saw EBITDA more than double during the first three months of the year, reaching US$24.5m. The jump in profits came after sales climbed 48.6% to $459m. On a like-for-like basis, sales were up 30.2%.
President Vitaly Klyuchnikov said the results vindicated the company's strategy.
"These results confirm the status of our company as of one of the fastest growing and attractive for investors companies in Russian retail sector," Klyuchnikov said. "It is our intention to continue on the path of intensive organic growth [and] we plan to open around 100 new stores in 2008."
Dixy runs just over 400 stores in Russia. The majority of the stores are Dixy's namesake discount outlets but the company also runs a handful of hypermarkets, supermarkets and convenience stores.
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