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:

Comment on our site

RSS   twitter      submit

FC Rubin  Russian religion  Rostov  Russian science  Russian economy  Russian Film Distribution  ENEA  Russian places of interest  Mercedes-Benz Fashion Week Russia  Vassily Polenov  Aeroexpress  Boris Eifman Ballet Theater  Gazprom  Paleontology  ecology  Kirov  Russian fashion  Moscow Architecture  Maria Sharapova  Glassware  Kronotskoye Lake  Yekaterinburg  Moscow  Healthare  Russian tourism  Ukok Plateau   Russian business  Russian Tourism Road Show  Russian universities  Central Museum of Musical Culture  Russian Cinema  artificial lake  Kabardino-Balkaria  Dmitry Bykov  Military Aircrafts  Exhibitions in Moscow  St. Petersburg  Russian women  GDP  suitcase  Multimedia  Zaling  Russian scientists  Festivals in Sochi  Perm  Khakassia Reserve  Sergey Volkov  Moscow restaurants  Khimki  Pharmsynthez 

Travel Blogs
Top Traveling Sites