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Outstanding growth at Magnit
Russia
Thursday 12 January 2012
MD
Russia's Magnit chain opened 1,254 stores in 2011 with a growth rate of an amazing 42%.
With over 1000 stores in 2011 the Russian chain has seen outstanding growth and sales.
Magnit, the largest food retailer in Russia, announced an increase in sales of 42% to 335.6 billion rubles (10.63 billion dollars). Its forecasts for 2011 were 43-48% sales growth.
In 2011 the chain opened 1254
outlets, mostly small neighborhood stores, increasing its selling space by almost 40%. Magnit now has 5,309 stores located mostly in small towns with fewer than 500,000 inhabitants.
This exceptional rate achieved for the year must be balanced. On a comparable basis, the growth rate is only 11.1% in 2011 (9.2% in 2010).
This exceptional rate achieved for the year must be balanced. On a comparable basis, the growth rate is only 11.1% in 2011 (9.2% in 2010).
source : reuters
