Russian retailer Dixy Group has booked a 45% jump in nine-month sales but has reportedly dropped plans to list in London due to the financial crisis.

The company yesterday (28 October) reported revenue of US$1.44bn for the first nine months of the year, a rise of 45%. In rouble terms, sales were up 35%.

However, in a sign of the turmoil in the financial markets, Dixy chief executive Fyodor Rybasov told Reuters that the company's plans for a London share offer had been postponed.

"We are deferring the placement because of unfavourable market conditions," Rybasov told Reuters.

During the first nine months of the year, Dixy, which ran 425 stores in Russia at the end of September, saw like-for-like sales growth of 17%.

Dixy president Vitaliy Klyuchnikov added: "The company continues to develop according to a plan, in spite of the crisis on the financial markets. Before the year-end we intend to open more
then 50 new stores, which were financed, for the most part, during the last several months."