Grocery chain Sedmoy Kontinent (Seventh Continent) has reported strong growth in profit and sales for the first half of the year, helped by continued expansion.
For the January-June period, net profit more than tripled to 2.03 bn roubles (€48.5m), from 668.9 m roubles last year, while revenue jumped up 23.4% to 24.19bn roubles (€578m).
The company attributed the growth in sales to the addition of new outlets as well as “the improving welfare of the country’s population, and the Moscow administration’s policy for developing civilized food trade instead of product markets”. Profits were helped by lower commodity costs and a better pricing policy, as well as savings on labour expenses.
Source: www.freshplaza.com