Russian food retailer Magnit reported on Monday a 58.7% year-on-year increase in revenues in H1 2011, spurred by the opening of 405 new stores. The company said that in dollar terms net retail sales reached $5.47 billion. In rouble terms, sales grew 51% in H1 to 156.53 billion roubles. Like-for-like sales grew by 18.6% compared to the corresponding period a year ago. At the end of June, the company operated a total of 4,460 stores, vast majority of which are convenience stores.
Source: www.freshplaza.com