Magnit has reported a rise in nine-month net revenue of close to 50% on the back of good like-for-like sales and new stores.

Revenues jumped 49.85% for the period to US$2.55 billion as 176 new stores were opened, taking the company total to 2,069.

The Russian retailer said stated that like-for-like sales grew 21% on the dollar, and 14.4% on the rouble.