Russia's Magnit sales rise 25.2 pct in Feb
Russia's biggest food retailer Magnit said on Tuesday its sales increased 25.2 percent year-on-year…Russia's biggest food retailer Magnit said on Tuesday its sales increased 25.2 percent year-on-year in February, the same pace as in the previous month.
Magnit, which last year overtook rival X5 as Russia's No.1 grocery chain by revenue, said sales amounted to 52.5 billion roubles ($1.44 billion) in February when it opened 78 new stores, bringing its total to 8,207.
The company earlier cut its full-year 2014 sales growth forecast to 22-24 percent from 25 percent due to a lower inflation outlook and as an economic slowdown started to hurt consumer confidence.