Net profits at local grocery chain Magnit jumped 46% in 2009 to $275.2m (£176m).

Preliminary net retail revenue rose 28% to RUB169.6bn (£3.79bn). Like-for-likes climbed 4%, helped by a 6% rise in average basket value. The retailer added 646 stores in the year.

Magnit said it will continue to cut prices as it battles to prevent customers from trading down to other chains.

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