Russian grocer Seventh Continent has seen first-quarter profits fall 26% despite a leap in sales, the company said today (29 June).

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The retailer, which operates in Moscow, posted net profit of US$14.6m for the three months to the end of March. Turnover, meanwhile, jumped 29% to $288.6m.


The results are to international accounting standards and exclude the results of Seventh Continent’s Finservice Bank, the company said.


Seventh Continent said the number of customers visiting its stores rose by 13% to 23.8m shoppers.

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