Add to favorite
Subscribe to our Newsletters Subscribe to our Newsletters Get Daily Updates RSS

Magnit Reports 42 Percent Growth in 3Q 2013
28.10.2013 15:29
Magnit Reports 42 Percent Growth in 3Q 2013
Photo Credit:

Magnit, Russia’s biggest retailer, reported an impressive 42 percent growth in net profit in 3Q 2013, says an official press release.

      According to the statement, the figure totaled $283 million, which is higher than earlier forecasts.

      Magnit’s EBITDA, too, rose by 34.45% to $512.3 million, with the EBITDA margin edging to 11.64 percent, a 0.7 percent hike compared to 2012.

      The news sent Magnit’s shares up 1.78 percent on the Moscow Stock Exchange, ahead of the 0.74 percent rally of the total index.

      The national retailor puts the success down to the expansion policy and the LFL sales growth.

      Magnit CEO Sergey Galitsky is certain that the company is sure that the total yearly jump will be around 29 percent.

      In 2012, Magnit reported a 33.65 percent increase to RUR 448.66 billion.

      Magnit broke the years-long leadership of X5 Retail Group as the top Russian retailer in 1Q 2013, and has preserved pole position ever since.

      In April this year, it presented an ambitious five-year development plan.

      According to it, by 2017 Magnit will control a network of 12,000 convenience stores, 4,500 beauty boutiques and 650 hypermarkets.

      As Vedomosti reports, Magnit wants to run as many stores in five years as there are currently available in the whole of Russian retail industry.

      As of late December 2012, the company's chain boasted 6,884 stores, including 126 hypermarkets.


Author: Mikhail Vesely

Tags: Magnit Russian retailers X5 Retail Group   

Next Previous

You might also find interesting:

Sberbank has launched its SberMarket product delivery service
Small Businesses will Get Interest-free Loans from Banks
Fitch Halved Russia's Economic Growth Forecast
The Pessimism of Small Businesses has Grown Stronger in the First Half of 2019
By the End of 2020, the Fall of the Russian IT Segment may Exceed 30%

Comment on our site

RSS   twitter   facebook   submit

Bookmark and Share

search on the map
Russian opera singers  St. Petersburg  Ryazan  Boris Kustodiev  business  Dushonovo  ROSCOSMOS  Exhibitions in Moscow  Fashion  money transfer  Sergei Ovchinnikov  Russian airlines  Russian tourism  Moscow State University  Evgenia Linovich   Treasures  Bolotnaya Square  Russian Cinema  Kopeysk  Russian regions  Museums of Saint Petersburg  Nikolai Yeremenko Sr  Russian sanctions   Festivals in Moscow  Festivals in Kazan  Woodwork  Russian Monuments  Murmansk  Irkutsk Region  Russian Arts and Crafts  Mercedes-Benz Fashion Week Russia  Tourist Attractions in Moscow  Rosneft  Christ the Saviors Cathedral  Adygea  Duduk  advertising  Adler  Flemings  Sokolniki  Tver  Valery Maloletkov  Volga River  Moscow  Russian Museum  Rudolf Nureyev International Ballet Festival   Linguists  Solar Batteries  travel to Russia  Russian business 

Travel Blogs
Top Traveling Sites