Magnit net retail sales rose to 27.3 billion roubles

    Magnit net retail sales rose to 27.3 billion roubles


    Russia’s leading chain of food retail networks, “Magnit” saw a rise in sales to 27.3 billion roubles ($960 million) from 17.8 billion a year earlier. As of March 31, 2011 the chain consisted of 4,128 convenience stores, 57 hypermarkets and 4 cosmetics stores (drogerie) in 1,239 locations in the Russian Federation.

    First-quarter net retail sales rose 53 per cent to 75 billion roubles from the year-earlier period, the company said.

    In accordance with the audited IFRS consolidated financial statements for the twelve months ended December 31, 2010, the Company recorded consolidated revenue of approximately US$7,777 million and consolidated of around US$632 million.

    As of March 31, 2011 the Company operated an in-house logistics system consisting of 11 distribution centres, employing automated stock replenishment systems and a fleet of 2,997 vehicles.

    Approximately two-thirds of the Company’s stores are located in cities with a population of less than 500,000 inhabitants. Most of its stores are located in the Southern, North-Caucasian, Central and Volga regions.

    – IndiaRetailing Bureau