Russian grocery chain Dixy today (7 December) posted a net profit of RUB293m (US$9.4m) in its third quarter, turning around a RUB163m loss in the same period last year.

Gross profit was up 130% to RUB8.1bn, while EBITDA grew 228% to RUB1.7bn in the period.

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The company’s revenue rose 89.2% in the three months to the end of September to RUB29.2bn.

The company’s net profit for the nine-month period was RUB850m, after a RUB37m net loss for the same period in 2010. The company’s revenue in the first nine months of this year grew 48.2%to RUB68.32bn, including the results of recently-acquired rival Victoria Group.

A statement from the company said promotions, improvements to customer service and store redesigns helped the results.

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