Russian grocer Dixy Group today (28 April) revealed that it swung back into profit during fiscal 2010 as sales jumped almost 20%.
Dixy said net profit rose to RUB257.7m (US$9.3) in 2010, up from a net loss of RUB111.9m in 2009. Gross profit jumped 17.6% to RUB17.11bn and EBITDA increased 26.5% to RUB3.67bn.
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“EBITDA margin increased by 30 basis points over the same period last year to the level of 5.7% primarily due to the decrease in selling, general and administrative expenses,” the group said.
Revenue rose 19.4% to RUB64.8bn, Dixy said.
A spokesperson for Dixy told just-food that sales gains were the consequence of new store openings combined with more efficient back-end operations.
“Of cause new shops contribute to sales growth along with effective marketing, purchasing and logistics – we have seriously improved those in 2010,” the spokesperson said. “During the last year we have opened 124 new stores and plan to open another 150 in 2011.”
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