Russian retailer Magnit has reported a 4% increase in like-for-like sales for the first three months of 2012 thanks to robust growth from its hypermarket network.
Magnit, which runs over 5,400 stores in Russia but only 96 hypermarkets, said today (10 April) that its like-for-like revenue increased 4.1% in the three months to the end of March.
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Like-for-like sales from its hypermarkets increased 7.4% on the back of increased traffic and the value of an average basket. Like-for-likes from its convenience network, which numbers over 5,100 outlets, increased 3.8% but traffic to the stores dipped 0.9%.
The unaudited results also showed that Magnit’s net retail revenue, excluding VAT, was RUB100.6bn (US$3.39bn) for the first quarter of the year, up 34.1%.
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