Russian grocery retailer Magnit today (11 July) reported a leap in first-half sales, driven by store openings.

Sales reached RUB156bn (US$5.5bn) for the half ended 30 June, up 51% on the previous year. Over the period, Magnit opened 405 stores.

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Like-for-like sales were up 16.98%, driven by a 12.8% increase in average basket size and a 3.7% increase in traffic.

The retailer’s convenience stores saw the strongest growth, with like-for-like sales up 17.6% against an 11.4% rise in its hypermarkets.

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