1 Nov 2018 09:34

Magnit sees positive trend in LFL sales, happy with new openings

MOSCOW. Nov 1 (Interfax) - The management of Magnit , Russia's second largest retailer, has reported to the board of directors on progress made in the implementation of key strategic projects as part of the company's transformation program, the retailer said on Wednesday.

The board also reviewed the results of the company's operations in the first nine months of 2018 and third quarter and noted a "positive trend in the dynamic of like-for-like sales as a result of the improvement of the CVP [customer value proposition], category management, more effective promotions, as well as higher quality of openings of new stores in the current year," Magnit said.

The company is seeing higher sales per unit of retail space at its new stores compared to existing ones.