Magnit Has Booked a 142% Jump in First-Half Profit,Driven Partly by Higher Sales

Russian grocery retailer Magnit has booked a 142% jump in first-half profit, driven partly by higher sales.

Magnit said today (24 July) its net profit for the six months to the end of June rose to US$339.6m. Sales increased by 33%, climbing to RUB207.6bn (US$6.78bn).

During the period the company opened 262 convenience stores, eight hypermarkets, two Magnit Family store and 141 cosmetics shops. Same-store sales were up 3.5%, the group revealed.

The company's strong performance suggests it is continuing to make gains on market leader X5 Retail Group, which has struggled to grow sales as it transitions its strategy to focus on organic growth.

Commenting on the results, CEO Sergey Galitskiy said: "We've done a hell of a job!"