MOSCOW, July 11 (Reuters) - Russian food retailer Magnit reported on Monday a 58.7 percent year-on-year increase in revenues in the first half of the year, spurred by the opening of 405 new stores.
The company said that in dollar terms net retail sales reached $5.47 billion. In rouble terms, sales grew 51 percent in the first half to 156.53 billion roubles.
Like-for-like sales grew by 18.6 percent compared to the corresponding period a year ago.
At the end of June, the company operated a total of 4,460 stores, vast majority of which are convenience stores.
Writing by Lidia Kelly Editing by Matthew Driskill