Get the app today! Download iPhone App Download Android App

Magnit Chief Executive Confident After Strong Q3 Growth: Interview

Published on Oct 30 2020 8:59 AM in Retail tagged: Featured Post / Russia / Magnit / Jan Dunning / Interview

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.

please subscribe or sign in to continue reading

image description

Try European Supermarket Magazine PREMIUM – 30 Day FREE Trial.

A trial subscription gives unrestricted access to all premium site content, app content, weekly email content and European Supermarket Magazine digital edition for a full 30 days. Try it now!

Share on Facebook Share on Twitter Share on LinkedIn Share via Email