Russian grocery chain Magnit booked an increase in revenue for the first quarter, despite the number of store openings dropping from last year.

For the first three months of the year, net retail sales increased 28.4% to reach RUB48.99bn (US$1.69bn).

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Convenience store sales for the period increased 58% to reach RUB44.84bn, while hypermarket sales amounted to RUB4.15bn, a 69% increase on 2009.

During the quarter the retailer opened 90 stores, compared to the 94 it opened in the comparable period of 2009. The total store base reached 3,318 stores (3,293 convenience stores and 25 hypermarkets).

Last month the firm said it was “satisfied” with its 2009 results as it booked an increase in full-year net income.

For the year ended 31 December, the firm earned RUB8.73bn, an increase of 86.9% on the previous year.

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