Russia's Magnit posts 28.4 pct rise in Q1 earnings

MOSCOW, April 23 Tue Apr 23, 2013 2:08am EDT

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MOSCOW, April 23 (Reuters) - Fast-growing Russian retailer Magnit said on Tuesday its first-quarter net profit rose 28.4 percent, year-on-year, to $202.4 million.

Magnit, already Russia's largest food retailer by store count, in the first quarter overcame rival X5 as the No.1 retailer by sales.

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