RUSSIA: Rising sales drive Seventh Continent H1
Russian supermarket retailer Seventh Continent has posted a leap in first-half profits on the back of robust sales growth.
Seventh Continent booked a 61% jump in first-half net income to US$51.2m. Sales were up 31.6% at $593m.
Like-for-like sales in the first half rose by 16.2% in dollar terms and 9.5% in local currency, the company reported.
At the end of June, Seventh Continent was trading from 119 supermarkets and six hypermarkets.
The company has been linked to talks with US private equity group TPG. Reports in Russia last month claimed Seventh Continent was in negotiations to sell a majority stake in the company to TPG.
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