Russia: Magnit announces 30% sales rise
Magnit, which recently overtook rival X5 as Russia's biggest grocery chain by revenue, said the June result brought sales for the first six months of the year to 273 billion roubles, an increase of 31.5 percent.
The company, also Russia's biggest food retailer by store count, opened 170 stores in June, bringing its total to 7,416.
Magnit has said it planned to grow revenue by between 27 and 29 percent in rouble terms this year, compared with about 34 percent in 2012, backed by a $1.8 billion capital spending programme.
Source: www.4-traders.com
