Magnit has revealed that its sales growth through March accelerated on the back of adding nearly twice as many new stores to its portfolio in February compared with the previous year.
Net retail sales climbed 31.5 per cent in rouble terms to 17.76bn roubles, or US$605.7m, following on from a 28 per cent increase in February, Reuters reported.
47 new outlets were launched in February, compared with the 24 opened in 2009, the group said.
Magnit announced at the end of March that year-on-year net profit increased by 46.4 per cent during 2009, up to US$275.2m (€204m) from US$187.9m (€139m) in 2008.
According to the group, the improved figure was a result of extensive cost cutting at the company's grocery outlets, introduced to help the group ride out the global economic downturn, as well as an expanded store network.
