RUSSIA: Store expansion boosts Magnit
By: just-food.com | 17 May 2010
Russian grocer Magnit today (17 March) booked strong first-quarter sales gains, boosted by revenues from newly-opened stores and increased customer footfall.
For the first quarter, revenue increased by 28.1%, climbing to RUB49bn (US$1.6bn), the company said.
During the period, Magnit opened 90 new stores.
The company added that returning consumer confidence meant that the retailer saw average basket spend increase by 3.4% over the first quarter of last year.
Net profit for the period rose by 7.2%, to RUB1.93bn.
Sectors: Emerging markets, Financials, Retail
Companies: Magnit
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