RUSSIA: Magnit "confident" on FY profits growth
Magnit added 1,254 stores in Russia during the period
Russian retailer Magnit said it is "gaining confidence in the market" after booking an increase in full-year profits.
For the 12 months to the end of December, net income increased by 20.24% to RUB12.18bn (US$414.6m), the retailer reported today (31 January). EBITDA grew by 43.13% to RUB27.45bn.
Sales in the period climbed by 42% to RUB335.70bn, driven by an increase in selling space and 11.1% like-for-like sales growth.
During the period, Magnit added 1,254 stores (1,004 convenience stores, 42 hypermarkets and 208 cosmetics stores) and increased its selling space by 38.51%.
"As to the published results, I would like to stress that they are better than 2010 results both in sales growth and EBITDA margin, which inspires us with optimism," said Magnit's CEO, Sergey Galitskiy. "Of course, on the back of a growing comparable base, the pace of turnover growth percentage-wise will decline, but day-by-day we have greater confidence in the market, which is supported by our results."
Major food multinationals last week reported their first-half results. Unilever saw food volumes fall, PepsiCo insisted it had "momentum" in Europe, Hershey believed US candy had reached a new growth ...
Russian retailer Dixy is focusing its growth strategy on expanding its convenience store network in the country....
Russian grocery retailer Magnit has booked a 142% jump in first-half profits, driven partly by higher sales....
Last week's shock announcement that X5 Retail Group CEO Andrey Gusev resigned caused the Russian retailer's share price to tumble. X5 also booked a mixed set of second-quarter results that showed the ...
Store openings have driven first-half revenue growth at Russian retailer Magnit....
Russian retailer Magnit has opened a new distribution centre to serve the Volga region....
Russian retailer Magnit has launched a store format under the banner Magnit Family....
- Rabobank's early view on Brexit impact on food
- How local model protects Nestle - interview
- Brexit sparks uncertainty for UK food - comment
- Quorn Foods confident in prospects - interview
- Kellogg uses Kashi to finally join party - comment
- Brexit – Live reaction from food industry
- Nestle names new CEO
- Brexit - UK food trade body issues warning
- Brexit – UK farmers warn of food price spike
- Brexit – US confirms commitment to TTIP with EU
- Top Trends in Snacks, Confectionery, and Desserts; Exploring consumer and innovation trends in key categories
- Frozen Bakery Products Market by Type, Distribution Channel, & by Region - Global Trends & Forecast to 2020
- Singapore Food and Drink Report Q3 2016
- Fast Food in India
- Country Analysis Report: Saudi Arabia, In-depth PESTLE Insights