Russian retailer Magnit has announced an improved set of results for the second quarter of the year, with net profit climbing to US$79m, from the US$67m recorded in the same period of 2010.
The group, the second largest in the country in terms of sales, reported that like-for-like sales jumped 18.5 per cent on last year, as the group continued to rapidly expand its store network.
According to Reuters, Magnit increased its selling space by nearly 40 per cent in Russia through the first half of the year, launching 405 new stores in six months to brings its total to 4,460.
'In the second half of the year the company will continue to develop in two key directions – increasing of market share and improving of operating efficiency,' said Magnit CEO Sergey Galitskiy.
