Russian retailer Dixy has booked an increase in profit in the third quarter of the year.
Earnings in the three months to the end of September amounted to US$8.7m, a 7.2% increase on the prior year period. Operating profit climbed 1.4% year-on-year to $30.2m.
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Operating margin, however, dropped by 30 bp to 2.7% of sales as a result of a 5.6% decline in EBITDA margin and an increase in expenses related to the acquisition of rival Victoria.
Revenues grew 11.9% year-on-year to $1.1bn, driven mainly by store openings and 5.7% like-for-like sales growth in the quarter. Dixy neighborhood stores revenue was the main driver of growth, which increased by 28.7% to $745.9m.
In the first nine months of the year, Dixy opened 224 stores, almost doubling of the number of openings compared to the same period last year. The retailer did not give a number for the third quarter alone.
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By GlobalData
