Magnit added 1,254 stores in Russia during the period

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."