Russian grocer Seventh Continent has posted a 47% rise in net income for 2007 driven by store expansion and higher like-for-like sales.

Net income reached US$99.2m, while net sales rose by a third to $1.27m. Like-for-like sales were up 17.8%.

““We are very positive on the last year results and the company’s prospects. Once again the company has achieved the highest results on profitability and efficiency among the leading Russian food retail players,” said Seventh Continent’s general director Galina Ilyashenko.

“Enhancement of the hypermarket portfolio ensures our dynamic development as one of the leaders of this perspective format,” she added.

The retailer operates 133 stores including nine hypermarkets in Russia.