Russian retailer, Magnit, has announced double digit sales growth in its preliminary unaudited results for 2012
An encouraging year for Magnit
The sales, of RUB 448,486m, reflect an increase of 33.6% compared to 2011. The retailer has consistently reported strong results throughout the year - +33% in H1, +36% in Q3.
New stores helping drive growth
An impressive store opening rate may be partly responsible for the positive sales results that the retailer has reported. Magnit opened 1,575 stores over the year which brings its total portfolio to 6,884. Of these new stores, 1,040 were convenience stores, which reflects the growing demand for convenience in Russia.