RUSSIA: Magnit reported strong Q1 | Progresiv
Magnit has reported strong growth for its fiscal first quarter. Magnit said its sales during the January-March period rose by 33.1% to 218.2 billion rubles (4 billion euros), with like-for-like sales up 14.5%. The growth was helped by a 31% rise at hypermarkets, 29% rise at convenience stores, 116% surge at the ‘Magnit family’ outlets, and an 88% jump at drugstores. 
The results were helped by the addition of 409 net new stores during the quarter, which included 187 in March alone. Magnit also recorded a rise in customer traffic (+0.5%) and average ticket spend (+14%).
Also, Russia’s largest grocer said it has signed a deal with CTC Media, which will see them launch a new customer loyalty program. Shoppers buying products from March to September 2015 will be offered money-off coupons on branded products. (www.kamcity.com)
