Russian retailer Magnit has posted a 13% increase in revenue in full year 2016, to 1.07 trillion Rubles (about €20 billion).
The group posted gross profit for the period of 295.77 billion Rubles, while EBTDA increased from 103.97 billion Rubles in 2015 to 107.75 billion Rubles in 2016.
During the year, Magnit added a net 1,970 stores, which included 927 convenience stores, 18 hypermarkets, 39 Magnit Family stores, and 986 drogerie stores, increasing its selling space by 14.82%.
The group's total store count, as of 31 December 2016, was 14,059 stores across Russia, with 10,521 convenience stores, 237 hypermarkets, 194 Magnit Family stores, and 3,107 drogerie stores.
The group added that food inflation across the 12 months of 2016 stood at 4.6%, compared to 14.0% in 2015.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up for ESM: The European Supermarket Magazine.
