Russian retailer Magnit nearly doubled its net income for the first nine months of 2008, the company has reported.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more


The company’s net income jumped 98% to reach US$118.9m compared to $60m in the previous year.


Net sales climbed 50.9% from $2.57bn to nearly $3.88bn due to store expansion and a 27.76% rise in like-for-like sales.


Gross margin went up from 19.3% to 21.2%, and EBITDA surged 97.1% from $134.6m to $265.3m.


Between January and September, Magnit opened 208 stores, including eight hypermarkets, and increased its sales area by 27.1%, from 593,100sq m to 753,600sq m.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Sergey Galitskiy, the company’s CEO, said: “Crisis is a good time to look at one’s business from all sides. Usually at such times they talk about costs only. We have been working with our expenses for many years and now it pays off.


“In terms of liquidity, our robustness together with the government support to retailers will help us to keep fast pace of development.”