Russian retailer Magnit has seen its like-for-like sales growth accelerate during the third quarter of 2010.

The company said today (11 October) that its like-for-like sales rose 12.4% during the quarter, against growth of 7.6% in the second quarter of the year.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

For the first nine months of the year, Magnit’s like-for-like sales rose 6.8% year-on-year.

The company, which is listed in London, said preliminary consolidated net retail revenue for the first nine months of 2010 RUR164bn (US$5.49bn), up 35.2% on the year.

Magnit opened 465 stores in the first nine months of the year and now runs just under 3,700 outlets in Russia.

Elsewhere today, X5 Retail Group, Russia’s largest retailer by sales, also booked faster like-for-like sales growth in the third quarter of the year.

GlobalData Strategic Intelligence

US Tariffs are shifting - will you react or anticipate?

Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.

By GlobalData

Magnit shares rose 2% to reach RUR25.55 at 12.04pm BST in trading today.

Just Food Excellence Awards - Have you nominated?

Nominations are now open for the prestigious Just Food Excellence Awards - one of the industry's most recognised programmes celebrating innovation, leadership, and impact. This is your chance to showcase your achievements, highlight industry advancements, and gain global recognition. Don't miss the opportunity to be honoured among the best - submit your nomination today!

Nominate Now