Lenta Ltd, a BVI-registered company operating one of the largest retail chains in Russia, published its reviewed consolidated IFRS financial results for the six months ended 30 June 2018.
According to company’s financial highlights for the period, total sales grew 18.2% compared to the first half of 2017, due to the increase of sales from new stores opened in 2018. Gross margin of 21.9% increased as supply chain costs were overcompensated by better supplier terms. Capital expenditures of the BVI company were Rub 10.8bn, which is an increase of 8.4% compared to the first half of 2017. Net cash generated from operating activities decreased by 30.1%, primarily due to movements in working capital. Company’s net profit was Rub 5.2bn, which is 14.9% higher than in the same period of the last year.
During the first six months of the year, the BVI company opened two new hypermarkets and 17 supermarkets. Total number of stores was 346 as at June 30 2018. Net selling space increased by 19.6% as of June 30 2018, as compared to the previous year.