Magnit has reported that net profit almost doubled in the first nine months of the year, boosted by growing demand at its new discount outlets.
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In a statement today (9 December), Russia’s second-largest grocery chain said net profit rose to RUB5.86bn (US$192m), up from RUB2.86bn last year.
Sales climbed 31% to RUB121.9bn, boosted by 399 store openings in the period and improved sales at its dicount formats.
The company said it plans to invest RUB18.5bn in expansion by the end of the fiscal year, when it expects to operate a targeted 3,100 convenience stores and 24 superstores.
Commenting on the expansion drive, CEO Sergei Galitsky added that logistics development will remain a priority.
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By GlobalDataThe chain has recently raised $372m through the sale of new shares, and said capital expenditure next year will be the “largest in the company’s history”.
