Magnit boosts revenue 30.5% in April
MOSCOW. May 8 (Interfax) - Magnit boosted revenue 30.48% in April to 59.72 billion rubles versus 24.48% growth in March, the company said in a statement.
In the first four months of the year, Magnit increased revenue 26.38% to 223.68 billion rubles.
"Please note that the high sales growth rate for the month of April 2014 compared to April 2013 is partially due to the fact that the Easter holiday period occurred in April this year, while last year it occurred in May. Therefore, expectations for the May sales growth rate should also be adjusted accordingly," the company said.
"According to Rosstat food inflation in April 2014 amounted to 1.3% compared to 0.7% in April 2013, in 4M 2014 5.4% compared to 3.7% in 4M 2013," the statement says.
Convenience stores, Magnit's main format, boosted revenue 26.56% last month to 45.67 billion rubles, versus 20.77% growth in March. In January-April, these stores saw sales grow 22.43% to 171.69 billion rubles.
Magnit hypermarkets increased sales last month by 35.05% to 11.09 billion rubles (28.82% in March), and 31.73% in the 4M to 40.68 billion rubles.
Magnit Family stores boosted revenue 150% in April to 1.79 billion rubles from 703.2 million a year earlier. Sales in the four months grew 140% to 6.24 billion rubles from 2.64 billion rubles in the 4M of 2013.
Cosmetics stores saw sales advance 52.05% in April to 1.17 billion rubles, while revenue for the 4M was up 56.34% at 5.05 billion rubles.
Magnit opened 87 stores in April, including 69 convenience stores, two hypermarkets and 16 cosmetics stores.
In January-April, the company opened 250 new stores, slightly decreasing the rate of expansion compared with last year, when it opened 283 stores in the 4M.
Convenience stores traditionally account for the majority of new stores, as Magnit opened 210 of them in the four months, and also six hypermarkets, four Magnit Family compact Magnit Family hypermarkets and 30 cosmetics stores.
The retailer's total sales space totaled 3.09 million square meters as of end-April, up 16.3% year-on-year.
Magnit is Russia's largest retail company by sales and number of stores. At the end of April, the chain had 8,343 stores, including 7,410 convenience stores, 167 hypermarket, 50 Magnit Family stores and 716 cosmetics stores.