Russian retailer Magnit said on Tuesday its second-quarter net profit jumped 45.5 percent, year-on-year, beating forecasts, as it continued to gain market share by opening new stores.
Magnit, Russia's biggest food retailer by sales as well as store count, said net profit rose to $264.6 million from $181.9 million in the same period a year ago, above a Reuters poll forecast of $223 million.
Its earnings before interest, taxation, depreciation and amortisation grew 39 percent to $486 million, giving a 10.85 percent margin against 10.13 percent a year ago and an average analysts' forecast of 9.85 percent.
