Like-For-Like Sales Up At Russia's Magnit For First Time In Two Years
Russia's Magnit has seen a turnaround in its like-for-like sales performance, posting a 0.6% increase in comparable sales in the fourth quarter of its financial year, compared to a 2.0% decline the previous quarter.
The group said that this was the first time in two years that the business has posted a like-for-like sales increase, adding that this was driven by improved customer value proposition, changes in category management and increased in-store availability.
The like-for-like gain was largely driven by improvements in its convenience stores (+0.3%) and drogerie (+6.5%) business.
However, its supermarket operations posted a 0.7% decline in like-for-like sales, with a 1.1% increase in average basket size offset by a 1.8% decline in traffic.
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