Magnit continues to increase its sales

The Magnit chain, 1st food retailer in Russia, continues its sales records.

Magnit has announced sales of 960.47 million U.S. dollars in April 2011, an increase of 60.04% compared to last year, that gives for the first 4 months of 2011 an increase of 57.30% of sales to 3.52 billion U.S. dollars.

The retailer has seen its net income declining during the first quarter from 7.5% to U.S. $ 61 million due to high fuel costs and taxes that have impacted the result.

But the company is confident for the future with the increase of its sales area of 35.9%. Magnit opened 88 stores in April 2011, which makes a total of 222 new stores since the beginning of  2011.

source : reuters, just food, istockanalyst com