Russian retailer Magnit has reported that year-on-year net profit increased by 52 per cent during the first nine months of the year, up to US$180.5m (€122m), on the back of cost cutting measures and a number of new stores openings in the country.
Profit growth was achieved despite a 3.3 per cent fall in revenue compared with same period of 2008, down to US$3.7bn (€2.5bn), with earning before interest, taxation, depreciation and amortisation (EBITDA) hitting US$349.8m (€236.4m).
Gross profit jumped 6.2 per cent to US$873.1m (€590m), with better logistics and purchasing terms driving the margin to 23.3 per cent from 21.2 per cent a year earlier, Reuters reported.
The company grew its store portfolio by 399 outlets through the first nine months of the year, increasing its selling space by 28.4 per cent in the process.
