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).
Russian retailer X5 Retail Group has reported a fall in margins in the first quarter as it embarked on a promotional offensive to lure in customers. ...
The company is planning further expansion of its outlet network. In 2014, Magnit plans to open 1,100 convenience stores, 350 cosmetic stores and 80 hypermarkets. The company aims to create a leading h...
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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