Russian grocery chain Magnit has reported that year-on-year sales increased by 22.5 per cent during October to hit RUB14.5bn, although this represented slower sales growth compared with September (23.8 per cent), August (26.3 per cent) and July (30.3 per cent).
The group's results were hit by low consumer confidence and spending amid the global economic downturn, Reuters reported.
For the first 10 months of the year, sales dropped in US dollar terms to US$4.2bn from US$4.3bn, but increased in roubles to RUB136bn from RUB104.7bn in 2008.
Meanwhile, Magnit added a further 61 new stores in Russia during October, taking its total to 460 new outlets for the year. Overall, the group now operates 3,042 outlets in the country, up from 2,439 a year ago.
