Magnit Beats X5 In L-F-L Sales Growth For First Time In More Than A Year

Russia's largest pure play discount retailer Magnit continues to come back strongly having reported strong second quarter (three months to June 2010) like-for-like (l-f-l) sales growth. Continuing to reap the rewards (on a same-store traffic level at least) of strong and arguably overdue investment into price cutting (Magnit's initial reaction to the downturn was sluggish as rivals like X5 cut prices more aggressively), Q210 l-f-l sales grew 7.6% year-on-year (y-o-y).

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