Russian retailer Magnit reported an increase in operating profit for fiscal 2013, boosted by higher sales and stronger margins.

Net profit in the 12 months to end-December rose 41.75%, climbing to RUB35.6bn (US$1,1bn). EBITDA grew 36.56% to RUB64.7bn, the company revealed today (27 January). Gains were propelled by improved operating margins, which totalled 11.16% of sales in the year.

The group also said that sales jumped 29.2% in the period, rising to RUB579.69bn. During the year, the company increased its selling space by 18.13% by opening 1,209 new outlets. Like-for-like sales, stripping out the impact of new store openings, increased 3.88%.

During 2013, Magnit overtook rival X5 to become Russia’s largest retailer by sales.