Russian discount retailer Magnit has announced that net profit for 2008 nearly doubled to hit US$187.9m, boosted by year-on-year sales growth of 40 per cent to US$5.3bn.
Earnings before interest, taxation, depreciation and amortisation (EBITDA) increased 83 per cent to US$402.7m, while gross profit rose 58.2 per cent to US$1.2bn.
The group added 385 stores throughout 2008, bringing its total number of outlets to 2,582, and CEO Sergei Galitsky expects to add a further 380 stores to its portfolio this year while also being optimistic of the group's prospects in the face of the global financial crisis.
'This is an emotional crisis in people's heads,' he told a conference call this week. 'All of our trends are positive.'
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