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Russian Retailer Magnit Sees Slight Like-For-Like Decline In Third Quarter

Published on Oct 31 2019 9:40 AM in A-Brands tagged: Trending Posts / Russia / Magnit / Paywall

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).

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