Magnit LFL sales growth picked up from 2013

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).