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Magnit's Q3 Profit Doubles

Food retailer Magnit beat forecasts after another quarter of strong growth driven by a high pace of new store openings and a focus on low prices.

Third-quarter net profit almost doubled to $200 million, compared with a forecast for $155 million in a Reuters poll.

In the third quarter, sales totaled $3.5 billion, bringing nine-month result to $10.3 billion, as Magnit's store chain rose to 6,119 from 4,767 at the end of September last year.

Third-quarter EBITDA grew about 60 percent to $383 million versus the $330 million forecast, with the margin climbing to about 11 percent from 8.4 percent the year earlier. Nine-month net profit surged 123 percent to $539.9 million and EBITDA rose 75.2 percent to $1.05 billion for a 10.25 percent margin, up from 7.20 percent a year ago.

(Reuters)

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