During the nine month period, Magnit added 762 stores

During the nine month period, Magnit added 762 stores

Magnit, Russia's largest retailer by sales, said it achieved "record" profitability in the first nine months of the year but lowered its sales target for the full year.

Earnings in the nine months to the end of September reached RUB23.83bn (US$748.5m), a 42% increase on the prior-year period. EBITDA was up 35.6% to RUB44.41bn, the retailer reported today (28 October).

Sales climbed 30.6% to RUB319.48bn, primarily due to an increase in selling space as well as a 4.6% increase in like-for-like sales.

Magnit added 762 stores (737 convenience stores, 22 hypermarkets and ten Magnit Family stores) and increased its selling space by 25.7%. Its current store total is 7,646 stores.

"We have achieved record profitability results," said CEO Sergey Galitskiy. "I would also like to note the slowdown in the rate of inflation compared to the previous year. Thus, we believe that the highest possible sales growth rate for the full-year 2013 will be 28-29%."

Last month, Magnit had said it expected sales to increase 29-30% this year, narrowing earlier guidance of 27-30%.

Click here to view the full earnings release.