Russia's third-largest food retailer, Dixy Group, said today that it recorded an increase in sales and profits during the first nine months of the year.

The company revealed that consolidated revenue grew 23% in the nine months to 131.56 billion roubles (€2.9 billion). 

Its earnings before interest, taxation, depreciation and amortisation (EBITDA) grew 39% to 2.8 billion roubles in the third quarter of the year, giving a 6.3% margin on revenue of 44.2 billion roubles, compared with a 5.6% margin the year earlier.

In a statement, the company said that the fantastic performance was driven by sales expansion at its neighbor market format.

The company opened 168 new stores in the year-to-date, increasing selling space by 24% on the year.