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. Last Updated: 07/27/2016

Sedmoi Kontinent Nets $21.8M

Supermarket chain Sedmoi Kontinent reported a first-half profit of $21.8 million after adding stores.

Sales rose 45 percent to $330 million under International Accounting Standards, the retailer said Wednesday.

Sedmoi Kontinent did not give a net income figure for the year-earlier period.

Sedmoi Kontinent said it opened 12 stores in the period, bringing the total to 89, and had 38.8 million customers, 48 percent more. The Moscow-based company is benefiting from Russia's seventh year of economic growth and booming consumer spending.

Russian retail sales grew 11 percent in the first half, according to the State Statistics Service.

Brokerage Aton Capital Group said earlier this year that Sedmoi Kontinent's net income rose 80 percent to $20.2 million in the first half from $11.3 million.