Russia’s third-largest retailer Dixy has reported a jump in annual profits amid higher sales.

Dixy booked net profit of RUR3.06bn (US$85.7m) for 2013, up sharply from RUR1.05bn in 2012. Operating profit stood at RUR7.56bn, compared to RUR4.48bn a year earlier. Dixy said its operating margin improved 110 basis points to 4.2%.

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The retailer, which by the end of this February ran 1,801 stores in Russia, saw revenue grow 22.8% to RUR180.5bn.

In 2013, Dixy opened a net 300 stores and increased its selling space by 21%.

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