Russian grocery chain Magnit saw revenues increase by nearly a third in 2009, boosted by the opening of 646 stores during the year.

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For the 12-month period, revenue increased by 28.1% in ruble terms to RUR169.6bn (US$5.77bn).


The firm’s total store base reached 3,228 stores – 3,204 convenience stores and 24 hypermarkets.


Net retail sales for the month of December rose 22.9% year-on-year in rouble terms to RUR19.2bn. In dollar terms, December revenue rose 15.4% to $640m.


Last month, the company announced plans to invest RUB18.5bn in expansion by the end of the fiscal year.

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CEO Sergei Galitsky said that logistics development will remain a priority. The chain recently raised $372m through the sale of new shares, and said capital expenditure next year will be the “largest in the company’s history”.

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