date:Apr 24, 2013
Russia's Magnit reported a 28.4 percent rise in first-quarter net profit as it became the country's largest food retailer by sales.
Net profit rose to $202.4 million in the January through March period from $157.7 million in the same period of 2012, it said in a statement.
Magnit, based in the southern city of Krasnodar, earlier reported first-quarter sales of 131.2 billion roubles ($4.14 billion), leapfrogging rival X5, which has been dogged by operational issues.
Magnit's first-quarter earn