Russian grocer Magnit saw sales rise during its first quarter, with its hypermarket format reporting the strongest gains.
The company said today (11 March) that during the quarter ended 31 March, net sales were up 53.1% to reach RUB75.03bn (US$2.68bn), with hypermarket sales more than doubling to reach RUB8.7bn. Meanwhile, sales in its convenience stores were up by 47.9% to RUB66.3bn.
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Overall like-for-like sales were up 20.15% for the quarter, with its convenience stores recording 13.92% growth, while hypermarket sales were up 8.5% on a like-for-like basis.
During the quarter, the retailer opened some 128 convenience stores and 6 hypermarkets, giving it a total of 4,132 convenience stores and 57 hypermarkets.
Shares in the retailer were up 0.1% to US$29.13 a share at 9:19 BST today.
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