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