Russian hypermarket operator Magnit posted a 31% increase in profit for the first nine months of the year.

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Net retail sales for the period increased to RUR121.65bn (US$4.11bn) from RUR92.89bn in the previous year.


In dollar terms, retail sales fell 3.1% to US$3.75bn. Like-for-like sales rose 7.3% year-on-year, boosted by growth of 8.4% in average purchase value.


During the period Magnit opened a net 399 stores. The total store base reached 2,981 stores (2,960 convenience stores and 21 hypermarkets).


For the month of September, sales totalled RUR13.8bn, up 23.8% on year.

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