Russian retailer Magnit said today (12 July) that its like-for-like sales growth had accelerated during the second quarter of the year.
The company booked a 7.6% rise in like-for-like sales during the three months to the end of June, meaning first-half like-for-like sales were up 4.9%.
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Magnit saw first-half turnover jump 32% to RUB103.63bn (US$3.45bn) amid an aggressive store-opening programme.
The retailer opened 704 convenience stores and 10 new hypermarkets during the first six months of 2010.
The retailer operated 3,492 outlets at the end of the period, 28 of which were hypermarkets, with convenience stores accounting for the lion’s share of its operations.
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