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. Last Updated: 07/27/2016

Magnit to Expand in 2010

Magnit chief executive Sergei Galitsky said Thursday that sales would increase more than 20 percent this year as it adds stores and lures shoppers with lower prices.

Magnit plans to spend as much as $1 billion this year on opening 450 to 550 convenience outlets and 25 to 30 superstores, Galitsky said. He didn’t give a specific sales forecast.