Russian retailer Dixy has booked an increase in sales and profits during the first nine months of the year, boosted by space expansion and traffic driving activity.

The company said consolidated revenue rose by 23.3% in the nine-month period, climbing to RUB131.56bn (US$3.98bn).

Growth was driven by sales expansion at its neighbourhood market format, which benefited from promotional activity and other traffic driving measures. Space expansion also boosted sales. The company opened 168 new stores in the year-to-date, increasing selling space by 24% on the year.

The company was able to leverage its increased scale to obtain better commercial terms with suppliers, boosting margins. In the year-to-date Dixy achieved a 38.2% increase in operating profit, which climbed to RUB4.43bn. Net profit increased by 70.5% to RUB1.33bn thanks to a lower income taxe rate.

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By GlobalData