Budget food retailer Magnit has reported that profits doubled last year.

Sales at Magnit, which operates discounters and hypermarkets in the south and northeast of Russia, rocketed more than 40 per cent to $5.3bn (£3.79bn) from $3.7bn (£2.5bn). Magnit forecast that sales would increase 35 per cent this year.

Chief executive Sergei Galitsky said that core margin would rise to 8 per cent this year from 7.5 per cent the year before. The retailer plans to open 380 stores this year.