Magnit, Russia’s largest supermarket chain, has seen first-half profits jump over 50% due to booming sales.
The company booked a 52.7% rise in operating profit to RUB1.5bn (US$58.5m) during the first six months of the year, as net sales climbed over 44% to RUR42.7bn.
Magnit opened some 116 stores during the first half of the year but the company still posted robust growth on an underlying basis. Like-for-like sales rose 15.8%.
CFO Alexander Prisyazhnyuk said: “We can clearly see the dynamics of our customers’ income growth which allows us to build own new stores considerably larger than average.
“On the whole I am pleased with the results achieved by the company during the first half and hope to keep the above trends within the next six months.”