RUSSIA: Magnit ups FY guidance, 2013 growth to slow
Magnit said sales growth is expected to slow to 25-27% in 2013
Russian grocery retailer Magnit has upped its full-year sales guidance but said growth is expected to slow in 2013.
In an update today (17 September), the retailer raised its full-year sales guidance to 30-32% from 30%. However, this is expected to slow to 25-27% in 2013.
The group said its capex programme will total $1.6-1.7bn for the full-year and $1.6-1.8bn in 2013, while EBITDA margin is seen at 9-9.5%. No guidance was given for 2013.
Last month, Magnit booked an increase in first-half profits on the back of sales growth. In the six months to the end of June, net profit amounted to RUB10.41bn (US$339.9m) compared to earnings of RUB4.02bn last year.
Magnit's share price was down 1.94% to 4,398.00 roubles at 10:27 BST today on the Moscow Stock Exchange and was at $36.56 in dollar terms on the London Stock Exchange.
Click here to read a recent exclusive just-food interview with Magnit's deputy CEO Oleg Goncharov.
Russian retailer Magnit has seen profits benefit from improved purchasing terms and cost controls as it expanded its store footprint over the past 12 months....
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