RUSSIA: Magnit posts increase in net sales

By just-food.com | 14 July 2009

Magnit, the Russian supermarket chain, posted a 33.4% increase in first-half sales today (14 July).

For the six-month period, net retail revenue reached RUR78.5bn (US$2.5bn).

For the month of June, net sales increased 28.2% year-on-year to RUR13.4bn. Like-for-like sales rose 10.2% for the period.

Magnit opened 226 new stores in the first half, bringing its total to 2,808 - 2,790 convenience stores and 18 hypermarkets.

Earlier this month, reports in the Russian press said Magnit had plans for a secondary share offering in London and Moscow this autumn.

It is understood that the retailer plans to sell up to 10% of its shares on the London Stock Exchange and Moscow's MICEX and RTS bourses.

Sectors: Emerging markets, Retail

Companies: Magnit

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