RUSSIA: Retailer Magnit sees Q4 sales slow
Russian retailer Magnit has posted an 11% rise in underlying annual revenues, although its sales slowed in the fourth quarter of the year.
Magnit yesterday (11 January) reported an 11.1% increase in like-for-like revenue for 2011. The retailer's average ticket, excluding VAT, was up 9.7%, with customer traffic increasing 1.3%.
However, Magnit's like-for-like sales growth was 3.1% in the fourth quarter on the back of a 1.9% drop in traffic. Customers to its hypermarkets increased 1.3% but shoppers to the retailer's convenience stores fell 2%.
Magnit's net retail sales jumped 42.12% in 2011 to RUR335.6bn (US$10.6bn), boosted by the opening of over 1,250 stores.
The retailer noted that food inflation was 3.9% in 2011; a year before it was 12.9%.
Russian retailer Magnit has opened a new distribution centre to serve the Volga region....
Russian retailer Magnit has launched a store format under the banner Magnit Family....
Russian retailer Magnit has reported a 4% increase in like-for-like sales for the first three months of 2012 thanks to robust growth from its hypermarket network....
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