Russian retailer Magnit has posted a 4.6% increase in revenue in the first quarter of the year, to RUR 266.98 billion (2016: RUR 255.30 billion).
The retailer added a net 250 new stores in the quarter, including 188 convenience stores and 67 drugstores, and increased its selling space by 13.8% in comparison with Q1 2016. The company now operates a total of 14,309 stores across Russia, as of 31 March, including 10,709 convenience stores and 237 hypermarkets.
Gross Profit
Gross profit at the retailer was up to RUR 71.89 billion in the first quarter, with gross margin for the period standing at 26.93%.
EBITDA increased from RUR 19.79 billion RUR in the first quarter of last year to RUR 21 billion in Q1 2017.
Food inflation lessened in the period, standing at 1.2%, compared to 2.3% in the first quarter of 2016. Food inflation stood at 0.9% in January, 0.2% in February and 0.1% in March.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: The European Supermarket Magazine
