Magnit has said that its first half revenues have jumped 31.84% year-on-year, as the company benefited from increased selling space, helping to offset a fall in margins.

The six month revenues reached RUB103.66bn (US$3.37bn).

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

“The top line growth was due to an increase in selling space as well as to a 4.93% increase of like-for-like sales (excl. VAT),” the company said.

Gross margin reduced from 23.3% in the first half of 2009 to 21.48% in the 2010 period due to “continued large-scale price investments”.

EBITDA increased by 2.09% to RUB7.57bn. Net income increased by 1.17% and amounted to RUB3.94bn.

Sergey Galitsky, the company’s CEO, said: “Results are in line with our expectations and reflect continued aggressive pricing policy in the second quarter of 2010. Positive LFL traffic and average ticket trends instill optimism and confidence in the targeted sales growth of 35% in ruble terms at the year end.”

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.

Further details of Magnit’s results can be found here.