• Consolidated sales up 32.5%
  • 413 new stores opened
  • Same-store sales up 3.5%

Store openings have driven first-half revenue growth at Russian retailer Magnit.

The firm said today (10 July) total sales increased by 32.5% in the first six months of the year.

Gains were primarily driven by space expansion, with 413 new stores opened during the period.

However, the group was also able to book same-store sales growth of 3.5% in the period, as Magnit attracted more customers to its existing stores and grew average basket size.

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OJSC "Magnit" announces 33.79% retail sales growth in rubles in June 2012

Krasnodar, July 10, 2012: OJSC "Magnit" (the "Company"; MICEX and LSE: MGNT) announces 33.79% retail sales growth in rubles in June 2012.

During 6M 2012 the Company opened (net) 413 stores. The total store base reached 5,722 stores (5,268 convenience stores, 98hypermarkets, 5 "Magnit Family" stores and 351 cosmetics stores). Preliminary consolidated unaudited net retail revenue (excl. VAT) in 6M 2012 increased by 32.54% in ruble terms (compared to 6M 2011) and stood at 207,467.47 million rubles

http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=11259880

Original source: Magnit