Russia's largest retailer Magnit has posted year-on-year sales growth of 29.23% for the month of August.
Sales for the month stood at 48.9 billion rubles ($1.48 billion), after a rise of around 30% in July.
Magnit, which recently overtook rival X5 as Russia's biggest grocery chain by revenue, said the August result brought sales for the first eight months of the year to 370.8 billion rubles, up 31% year on year.
The company, also Russia's top food retailer by store count, opened 71 stores last month, bringing its total to 7,555.
Founded in 1994 by Sergey Galitskiy, Magnit is headquartered in the southern Russian city of Krasnodar.
As of June 30, 2013, Magnit operates a portfolio of 18 distribution centres and over 7,000 stores (6,552 convenience, 164 hypermarkets, and 700 cosmetics) in more than 1,700 cities and towns throughout seven federal regions of the Russian Federation.
© 2013 - ESM: European Supermarket Magazine by Ellen Lunney
