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Next raises profit guidance as sales boom
Next has increased its full-year profit guidance for the third time this year as sales and profits boomed during its first half.
Adeo’s Leroy Merlin DIY group is to invest RUB15bn (£312.2m) to open 15 stores in the central regions of Russia.
A pilot store will open in Tver by the end of January. The retailer will then plan the pace of openings in other cities.
General manager Vincent Gentil told Russian newspaper Izvestia: “Smaller Russian cities are calling for smaller investment.” He said the total cost of the Tver store was low at RUB1bn (£20.8m).
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