Russian grocery retailer Magnit today (14 April) posted a 36% increase in first-quarter sales.

For the three-month period, net retail sales reached RUB38.2bn (US$1.14bn).

However, in dollar terms, net sales were down 2.58% to RUB1.12bn due to the depreciation of the rouble.

During the quarter, Magnit opened 94 stores with its total store base reaching 2,676 at the end of this period.

Earlier this month, the group reported a 93% jump in 2008 net profit to $187.9m, while sales were up 45% to $5.35bn, helped by the addition of new stores.

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