RUSSIA: Magnit sees sales rise
- 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.
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
Original source: Magnit
Multinational dairy company Moloko Holdings is to start production and distribution of Russia's first organic milk in the Ulyanovsk province....
- Why Mars rice plan not just crop-ticking exercise
- ConAgra Foods: what could happen next? - analysis
- Greencore's food-to-go focus paying dividends
- Interview: Ritter sees growth potential in US, EU
- How Danone aims to meet its 2020 objectives
- Pinnacle to buy Boulder Brands in $975m deal
- Aryzta regional CEO steps down
- Maple Leaf Foods to cut over 400 jobs
- Hovis plans cuts amid anxiety over UK bread demand
- "Serious" suitors lined up for Chicken of The Sea