Russia's Magnit announces 4.6% increase in revenue in Q1 | Progresiv
Russian retailer Magnit has posted a 4.6% increase in revenue in the first quarter of the year, to 266.98 billion rubles (2016: 255.30 billion rubles). The retailer added a net 250 new stores in the quarter, including 188 convenience stores and 67 drugstores, and increased its selling space by 13.8% in comparison with Q1 2016. The company now operates a total of 14,309 stores across Russia, as of 31 March, including 10,709 convenience stores and 237 hypermarkets. 
Gross profit at the retailer was up to 71.89 billion rubles in the first quarter, with gross margin for the period standing at 26.93%.
EBITDA increased from19.79 billion rubles in the first quarter of last year to 21 billion rubles in Q1 2017.
Food inflation lessened in the period, standing at 1.2%, compared to 2.3% in the first quarter of 2016. Food inflation stood at 0.9% in January, 0.2% in February and 0.1% in March. (www.esmmagazine.com)
