Russian discount food retailer Dixy today (11 December) booked a jump in nine-month net profit on the back of efficiency improvements and sales growth.
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Net profit totalled US$10m for the first nine months of 2008, up from $3m for the comparable period of last year.
“During nine months of 2008 our company demonstrated a robust sales growth and increased efficiency across all business functions, which contributed to a significant growth in profitability,” Dixy Group president Vitaly Klyuchnikov said.
Dixy added that profit reached $20m when adjusted to exclude foreign exchange losses relating to its dollar-denominated debt servicing costs.
Sales increased by 45.5% year-on-year to $1.44bn, up from $988.99m. Gross profit jumped 53.8% to $359m and the company achieved a gross margin of 25%, up from 23.6% last year.
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By GlobalDataMeanwhile, EBITDA increased by 92.7% year-on-year, climbing to $78.63m. EBITDA margin totalled 5.5%, compared to 4.1% last year.
As of the end of September, Dixy’s net debt totalled $287m, 81% of which is long-term, the company revealed.
