Magnit, the country's largest supermarket chain by market value, said February sales jumped 54 percent on the year as it added 81 stores to its network. Sales reached 24.2 billion rubles ($848 million) last month, the company said in an e-mailed statement Friday.
Magnit increased its revenue growth forecast for 2011 to 49 percent from a previously stated 36 percent in anticipation of a likely surge in consumer spending. The company also said it foresees an earnings before interest, tax, depreciation and amortization margin of between 7.5 and 8 percent this year.
(Bloomberg, Reuters)
