Russia's Magnit announces 13% revenue increase in audited FY results | Progresiv
Russian retailer Magnit has posted its audited full year results for 2016, in which the retailer posted a 13.07% increase in revenue to 1.07 trillion roubles for the year. 
Gross profit at the retailer increased to 295.76 billion roubles (2015: 210.82 billion roubles), with gross margin standing at 27.52%.
During the year, Magnit added a net 1,970 stores (927 convenience stores, 18 hypermarkets, 39 Magnit Family stores, and 986 drogerie stores) and increased its selling space by 14.82%, with its total selling space now standing at 5.07 million square metres.
At year-end, the retailer held a total store portfolio of 14,059 stores (10,521 convenience stores, 237 hypermarkets, 194 Magnit Family stores, and 3,107 drogerie stores).
Food inflation for full-year 2016 stood at 4.6% compared to 14.0% the previous year, Magnit said. In the month of December 2016 food inflation was 0.6%, compared to 1.2% in December 2015.
Magnit recently rejected claims that it was in talks to acquire several retail operations owned by Croatian group Agrokor. (www.esmmagazine.com)
