:. Food Industry News

Categories: Corporate Results

Russia's Magnit Sales up 31 pct in Jan-Sept

Source: Reuters
12/10/2009

Moscow, Oct 12 - Russian grocery chain Magnit said on Monday nine-month net retail revenue rose 31 percent to 121.65 billion roubles ($4.11 billion).

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In dollar terms based on the average exchange rate over the period, weakness in the Russian currency meant sales at the country's largest grocer by number of stores fell 3.1 percent to $3.75 billion, Krasnodar-based Magnit said in a statement.

Like-for-like sales rose 7.3 percent year-on-year in rouble terms, driven by growth of 8.4 percent growth in average purchase value, while the number of purchases edged down 1.1 percent.

Magnit did not provide figures for the third quarter alone. In the first six months of 2009, its sales rose 33 percent to 78.6 billion roubles, or $2.4 billion.

In September, sales totalled 13.8 billion roubles, up 23.8 percent on year, compared with a 26.3 percent rise in August.

The company, which is expanding rapidly, said it opened a net 399 stores during the nine-month period, bringing its total to 2,981.



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