Russian Retailer Magnit Sees Slight Like-For-Like Decline In Third Quarter
Russian retailer Magnit has posted a 0.7% decline in like-for-like sales in the third quarter of its financial year, with like-for-like traffic down 3.4% in the period.
Like-for-like average basket sales were 2.8% higher, however, with Jan Dunning, the retailer's president and CEO, saying that the quarter demonstrates "clear signs of improvement in our business".
Total revenue for the period was up 10.5% to RUB 342.6 billion (€4.81 billion), with net retail sales up 9.1% year-on-year, to RUB 333 billion (€4.67 billion).
Wholesale revenue almost doubled in the period (up 97.8%) to RUB 9.6 billion, driven by the distribution of pharmaceutical products.
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