Russian hypermarket chain Lenta said it expects full-year sales to accelerate further despite the backdrop of a slowing economy, as it aimed to expand its presence across the country by a third.
The group, which floated in London in February, expected sales to grow by 34 to 38 per cent this year, a step up on the 31 per cent growth enjoyed last year.
Chief executive Jan Dunning said the popularity of its loyalty card scheme, which allowed it to send targeted promotions to customers, had helped to give it an advantage over other retailers.
Total sales rose by 39 per cent to 46.3bn roubles (£790m) in the second quarter and existing stores also performed strongly, with like-for-like sales up 14.1 per cent.
It aims to grow net selling space by 30 per cent this year by opening 39 hypermarkets and supermarkets.
“There are cities the size of the city of Liverpool in Russia without a hypermarket. This means there is a still a huge opportunity in terms of penetration,” Dunning said.