RUSSIA: Q1 sales up at retailer Magnit
Magnit's sales were up in Q1
Russian retailer Magnit has recorded an increase in sales in the first quarter of 2013.
Consolidated net revenue increased by 30.4% to RUR131.22bn (US$4.25bn), the group reported today (10 April). Magnit recorded like-for-like sales growth of 4.8%.
The retailer opened 191 stores in the three-month period, bringing the total number to 7,075. This comprises: 6,209 convenience stores, 132 hypermarkets, 21 Magnit Family stores and 713 cosmetics stores. Customer traffic was up 21.6%.
Russia has been described as one of the most dynamically developing retail markets in the world. The advent of the recession, however, resulted in a slowdown in growth that Russia has not yet fully re...
Half-year profits at Russian retailer Magnit jumped almost 40%, pushing its shares higher today (23 July)....
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