Magnit, the Russian supermarket chain, posted a 33.4% increase in first-half sales today (14 July).
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For the six-month period, net retail revenue reached RUR78.5bn (US$2.5bn).
For the month of June, net sales increased 28.2% year-on-year to RUR13.4bn. Like-for-like sales rose 10.2% for the period.
Magnit opened 226 new stores in the first half, bringing its total to 2,808 – 2,790 convenience stores and 18 hypermarkets.
Earlier this month, reports in the Russian press said Magnit had plans for a secondary share offering in London and Moscow this autumn.
It is understood that the retailer plans to sell up to 10% of its shares on the London Stock Exchange and Moscow’s MICEX and RTS bourses.
