Food retailer Magnit October sales rise 27 pct
Russia's biggest food retailer Magnit said on Monday its sales rose by 26.7 percent in October, year…Russia's biggest food retailer Magnit said on Monday its sales rose by 26.7 percent in October, year-on-year, to 48.6 billion roubles ($1.49 billion) after a rise of 28 percent in the previous month, according to Reuters.
Magnit, which this year overtook rival X5 as Russia's No.1 grocery chain by revenue, said the October result brought sales for the first 10 months of the year to 466 billion roubles, up 30 percent on year.
The company opened 93 stores last month, bringing its total to 7,739. Fast expansion will help it grow revenues by 28-29 percent this year, while next year's growth is likely to slow to 25-27 percent, the company had said.