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