Russia: Magnit reports 13% increase in revenue for 2016

Leading Russian food retailer has posted a 13.07% increase in annual revenue to 1.07 trillion RUB ($19.0 billion), according to recently published full year results .

The retailer's gross profit increased to 295.76 billion RUB ($5.25 billion), with its margin standing at 27.52%, according to a report in European Supermarket Magazine.

The retailer is said to have added a total of 1,970 stores to its portfolio during 2015, where 927 were convenience stores, 18 hypermarkets, 39 Magnit Family stores and 986 pharmacy stores. At the end of the year, the Magnit network is said to comprise a portfolio of 14,059 stores (10,521 convenience, 237 hypermarkets, 194 Magnit Family stores and 3,107 pharmacy stores).

The Magnit retail chain operates in 2,495 locations in Russia. Approximately two-thirds of the stores are located in towns with a population of fewer than 500,000.

Source: European Supermarket Magazine