Russia’s Magnit Sees Revenue Rise 14.4% In First Nine Months Of Year
Russian retail group Magnit has seen its revenue for the first nine months of the year increase 14.4% year-on-year, to stand at 790 billion roubles.
The group, which added 1,275 stores to its portfolio in the nine month period, saw its selling space increase by 16% compared to the same period last year.
As of 30 September, Magnit now operates 13,364 stores across Russia; 10,318 of which are convenience stores.
Gross profit for the period increased 11.3% compared to the same period last year, to stand at 217 billion roubles.
Food inflation in Russia in September 2016 was -0.1%, compared to 0.4% in September 2015.
© 2016 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. To subscribe to ESM: The European Supermarket Magazine, click here.