Dixy Posts 7% Q3 Net Profit Growth to $8.7 Mln

MOSCOW, December 3 (RIA Novosti) – Russian grocery chain Dixy posted a third quarter IFRS net profit of $8.7 million in July-September 2012, up 7.2 percent on the same period last year, the company said on Monday.

The company’s revenues for the third quarter increased by 11.9 percent in dollar terms year-on-year to $1.1 billion, “driven mainly by store openings and the 5.7 percent like-for-like sales growth,” Dixy said.

Dixy’s neighborhood stores revenue, which was the main driver of growth, increased by 28.7 percent to $745.9 million.

Consolidated EBITDA increased by 5.5 percent year-on-year to $62.5 million. EBITDA third quarter margin was down year-on-year by 30 basis points to 5.6 percent, “mainly due to the pressure from the integration process as well as the growing number of newly opened stores, which led to an increase of the related operating expenses as a percentage of sales.”

For the first nine months of 2012, 73 ex-Victoria neighborhood stores were integrated into the Dixy chain, out of which 65 stores were integrated in the third quarter, while 71 stores more were being integrated as of the end of September.


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