Russia's Magnit Sees Like-For-Like Sales Down 5.2% In Second Quarter
Russia's Magnit retail chain posted a like-for-like sales decline across all its divisions, bar its drugstore operation, in the second quarter of its financial year, citing low inflation and increased competition.
According to the group's reviewed half-year results, it saw a total like-for-like decline of 5.2% in the second quarter, with its convenience-store arm seeing a 5.4% decline, its hypermarket division posting a 6.7% decline, and its supermarket business posting a 5.7% drop.
In all cases, both average ticket and traffic saw like-for-like declines.
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