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April 29 (Reuters) - Russia’s largest children’s goods retailer, Detsky Mir reported on Monday its first quarter adjusted EBITDA rose by 30.1 percent to 1.9 billion roubles driven by sales growth.
First quarter adjusted net profit rose by 4.5 percent to 474 million roubles ($7.33 million), the company said.
The 70-year-old retailer plans to open at least 300 stores in 2019-2022, out of which nearly 80 this year, as it continues expansion in the domestic market and abroad..
It earlier reported its revenue rose 16.1 percent to 27.9 billion roubles.
Detsky Mir CEO Vladimir Chirakhov said reaching the full capacity of stores opened in 2017-2018 and like-for-like sales growth were the key drivers of revenue growth.
Chirakhov also said that online sales remained the fastest growing part of the business. “The online store’s revenue increased by 74.1 percent year-on-year in Q1. This channel’s share in the Company’s total revenue rose to 9.3 percent,” he said in a statement.
Like-for-like sales rose by 7.2 percent in Russia and Kazakhstan. In February, the company also expanded to Belarus, where it now has four stores.
Detsky Mir’s shares were up 0.4 percent at 0715 GMT. ($1 = 64.6950 roubles) (Reporting by Anna Rzhevkina Editing by Tomasz Janowski)