MOSCOW, April 21 Russia's second-biggest food
retailer, Magnit, said on Friday it hoped to return to
positive like-for-like sales by the end of the second quarter.
"It's hard to forecast because a lot of competitors open
next to us and many of our stores are cannibalising each
other... I think that probably by the end of the second quarter
we could achieve positive like-for-like," Khachatur Pombukhchan,
chief financial officer, told a conference call.
Magnit reported earlier on Friday a drop in first-quarter
like-for-like sales for the second three-month reporting period
in a row. It said same-store sales dropped 4.8 percent in
January-March after falling 1.3 percent in the final quarter of
(Reporting by Maria Kiselyova and Olga Sichkar; editing by