Support The Moscow Times!

Magnit Sales Growth Slows

Fast-growing grocery chain Magnit said Wednesday that it had turned more cautious on full-year guidance after July sales growth slowed from the previous month.

Magnit said it expects 2011 full-year sales to grow 46 percent to 48 percent in ruble terms, slightly lower than its previous guidance of 49 percent, adding that it continues "to focus on the strategy of more aggressive expansion and customer acquisition."

Both Magnit and archrival X5 are in the midst of a major store-opening campaign to take advantage of the country's economic growth and the emergence of a middle class that spends more on food and other consumer goods.

Magnit's July sales rose 43 percent on the year to stand at 28.8 billion rubles ($1.02 billion), after a 46 percent increase in June.

As of end-July, Magnit had 4,547 stores, translating into a 38.75 percent year-on-year increase in retail space.

(Reuters)

… we have a small favor to ask.

As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just 2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Continue

Read more