Russia's Magnit reports 47.3% surge in October sales

Write: Rod [2011-05-20]

Russian retailer Magnit Oct sales up 47.3 pct

Russian food retailer Magnit said its net retail sales rose 47.3 percent in October after a 44.11 percent increase in September as fast store rollout and economic recovery continued to support growth.

Sales totalled 21.3 billion roubles ($694.3 million) compared with 19.9 billion roubles in the preceding month, Magnit, Russia's biggest supermarket chain by number of stores, said in a statement.

The company opened 87 stores in October, compared with 61 a year ago, taking its total number of outlets to 3,780.

Ten-month sales amounted to 185.8 billion roubles, up 36.5 percent year-on-year, the company said on Wednesday.