Convenience store operator Magnit has announced that its revenue in the first nine months of the year has increased by 33% on the same time last year. Magnit said that this growth was mainly down to an increase in selling space, which occurred as a result of new store openings.
Magnit said that it opened a total of 810 new convenience stores during the period. It also opened 270 cosmetics stores, 15 hypermarkets and 8 Magnit Family stores.
“One analyst, whom I respect, asked the question, ‘Will Magnit surprise again?’ Yes, once again we have delivered very good results but please understand that this is not the most crucial this for us,” commented Sergey Galitskiy, Magnit’s chief executive. “Rather, the most important objective for us is to build a competitive business model. It is the market that will determine the level of EBITDA margin.”
PetrolWorld 26102012