Russian retailer Magnit has announced that its profit hit US$202.4m (€155m) through the opening three months of the year, an improvement of 28.4 per cent on the same period of 2012.
Higher profit was driven by the addition of 191 new stores compared with last year, a figure that included 163 convenience outlets, increasing its selling space by 29.88 per cent to 2,629.88m2.
'Last year was the strongest year in the company's history,' the group said in a statement. 'However, comparing Q1 2013 results year-on-year we see that most of the changes are due to foreign exchange difference, which speaks for the sustainability of the company's operating efficiency.'
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