In May 2011 Magnit (RTS: MGNT) reported net retail sales growth by 47.3% y-o-y. Net retail sales reached RUB 27.3 bln. During HY1 2011 net retail sales increased by 52% and reached RUB 129 bln. The observed temporary slowdown in growth is due to the fact that many shops are shut down for renovation.
Significant sales growth is stimulated by opening of the new shops and sales area expansion. There were 86 new shops opened in May, including 2 hypermarkets. In the HY1 2011 the total number of new shops reached 308, among which 13 hypermarkets.
The fast-growing sales areas increased by 39.6% in May and reached 1.571 mln sq m. Magnit’s area growth pace exceeds this figure by X5 Retail Group 1.5-fold.
Source: www.retail.ru