Support The Moscow Times!

Magnit Ups Sales to $1.4Bln

Food retailer Magnit said Wednesday that its sales rose by 30 percent in June, year on year, to stand at 47.5 billion rubles ($1.4 billion), after a rise of 34.5 percent in May.

Magnit, which recently overtook rival X5 as the country's biggest grocery chain by revenue, said the June result brought sales for the first six months of the year to 273 billion rubles, an increase of 31.5 percent.

The company, also Russia's biggest food retailer by store count, opened 170 stores in June, bringing its total to 7,416.

Magnit has said it planned to grow revenue by between 27 and 29 percent in ruble terms this year, compared with about 34 percent last year, backed by a $1.8 billion capital spending program.

Read more

Independent journalism isn’t dead. You can help keep it alive.

As the only remaining independent, English-language news source reporting from Russia, The Moscow Times plays a critical role in connecting Russia to the world.

Editorial decisions are made entirely by journalists in our newsroom, who adhere to the highest ethical standards. We fearlessly cover issues that are often considered off-limits or taboo in Russia, from domestic violence and LGBT issues to the climate crisis and a secretive nuclear blast that exposed unknowing doctors to radiation.

As we approach the holiday season, please consider making a one-time donation — or better still a recurring donation — to The Moscow Times to help us continue producing vital, high-quality journalism about the world’s largest country.