Magnit Chief Executive Confident After Strong Q3 Growth: Interview
Magnit chief executive Jan Dunning has told ESM that the Russian retailer's performance in the recent third quarter, a period which saw COVID-19 restrictions reduced, indicates a promising future for the business.
Magnit saw like-for-like sales up 6.9% in the period, driven by average basket growth of 12.4%, while traffic was down 4.9%. Total revenue was up 11.9% to RUB 383.2 billion (€4.15 billion).
"I think that the third quarter is a very important measurement, because that was the period in Russia in which lockdowns ended, and bars, restaurants and shopping malls were full," he explains.
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