Russian food retailer Magnit has posted a 48.1% rise in sales for the first quarter of 2007 from RUB20.6bn (US$796.6bn).
 
The company said that the increase was driven by new space, and a 15.6% increase in like-for-like sales. Magnit reported that it had opened 37 stores and increased its selling space by 32.8% in the year to the end of the first quarter to 546,000 sq m.
 
Net revenues in US dollar terms increased by 58.2% from US$493.8m to $781.2m, the company further stated. EBITDA increased from $25.5m to $36.1m, while net income reached $16.6m, against $13.2m in the first quarter of 2006.
 
Gross margin rose to 18.8%, from 17.5% in the first quarter of 2006, which Magnit attributed to better purchasing terms, reduced logistics costs and an increased share of sales from its private label ranges.
 
Chief financial officer Alexander Prisyazhnyuk said: "All the 1Q07 numbers are within the planned results for the year 2007. On the whole, the company is content with its operations in the period."

Magnit operates around 1,900 convenience stores in more than 600 locations, situated primarily in the Southern, Central and Volga regions, with some outlets in the North West and Ural regions.