RUSSIA: Retailer Magnit books 7% in Q1 LFLs
Magnit LFL sales growth picked up from 2013
Russian retailer Magnit saw like-for-like sales rise over 7% in the first quarter of 2014, it said today (10 April).
Magnit, which has over 8,200 stores, posted a 7.5% increase in like-for-likes. In 2013 as a whole, Magnit saw its like-for-like sales rise 3.9%.
Sales from Magnit's convenience stores - of which it runs over 7,300 - were up 6%. Growth from its hypermarkets and cosmetics stores was higher at 9.2% and 53.5%.
Magnit saw ticket and traffic growth across each of its formats, although its c-stores saw traffic inch up by just 0.6%.
The retailer's net sales were up 25% at RUB163.95bn (US$4.61bn).
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The company is planning further expansion of convenience stores locations and hypermarket. In 2013 Magnit plans to open 1,100 convenience stores, 250 cosmetic stores and 60 hypermarkets. The company a...
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