Russia's Magnit Posts 6% Sales Increase In 2017
Russian retailer Magnit recorded a strong performance in 2017, with sales increasing 6.37% to RUB 1,143.29 billion.
Gross profit increased to RUB 304.71 billion, while EBITDA rose to RUB 91.78 billion.
The retail group opened 2,291 new stores in 2017, bringing its total network to 16,350, including 12,125 convenience stores, 243 hypermarkets, 208 Magnit Family stores, and 3,774 drug stores across the country.
On December 20 of last year, a number of retailers in Russia were affected by the failure of internet-connected cash registers in a pre-Christmas tech glitch.
Magnit says that each one of the cash registers, which are used at almost 11,000 of its stores, needed to be manually updated to resolve the issue, causing delays between 20 and 23 December.
As a result, the company estimates that this setback led to a loss in sales of approximately one billion rubles.
© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Sarah Harford. Click subscribe to sign up to ESM: The European Supermarket Magazine.