Magnit increases its profits and sales

Magnit, the largest Russian food retailer, is growing fast and has just announced profits and sales rising sharply.

Its profit rose 16% to $ 10.1 billion rubles (357 million U.S. dollars) and sales rose 39% to 236.2 billion rubles.

Magnit has increased its sales area by 34% last year, adding 827 stores to its network. This is the largest retailer in Russia by number of stores.

Magnit plans to invest at least 1.8 billion U.S. dollars in the modernization of transport and renovation of some outlets.

In 2011, Magnit should open between 800 and 1,000 additional stores.

Source: Bloomberg, Reuters, Moscow Times