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Retail

Magnit Might Be Growing, But Like-For-Like Performances Tell A Different Story

By Steve Wynne-Jones
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Magnit Might Be Growing, But Like-For-Like Performances Tell A Different Story

Russian retailer Magnit might have posted a 6.37% increase in revenue last year, but when it comes to how the company performed on a like-for-like basis, the devil is in the detail.

According to the group's audited full-year sales report, published this week, like-for-like sales at its hypermarket division were down 10.24% last year, with the average basket down 2.53% and traffic down 7.91%.

Its Magnit Family supermarket business saw like-for-like sales decline 7.82%, driven by a 1.21% decrease in average basket, and a 6.7% decrease in Traffic.

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