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

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.