Consumer electronics chain M.Video’s retail sales increased almost 7% to RUB41bn (£866m) for the first half of 2010.

M.Video’s net profit more than doubled to RUB518m (£10.9m).

The increase in net profit is due to lower financing costs during 2010. President and chief executive Alexander Tynkovan said: “Customers are feeling more positive and consumer confidence is improving.”