Russian food retailer Seventh Continent has reported a 12% increase in 2009 sales, driven by increased customer footfall and new store openings.
In a statement, Seventh Continent revealed that sales increased to RUB40.08bn (US$1.56bn) in the 12-month period.
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During the year, the chain opened five new outlets, increasing its store count to 142 supermarkets and hypermarkets.
Seventh Continent said it plans to open 14 new stores, including three hypermarkets, in 2010.
“Because of the increase in space and work on increasing effectiveness, our cash flow should improve and we should be able to lower our debt burden,” the retailer insisted.
Seventh Continent has struggled under high debt levels and was plagued by rumours of a possible takeover last year.
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By GlobalDataHowever, the group recently avoided bankruptcy when it restructured US$560m-worth of debt.
