Magnit, Russia’s largest retailer by sales, has lifted a margin forecast for this year.
The company said it expects its EBITDA margin for 2013 to be “in line” with the 10.6% it posted in 2012. It had forecast a margin of 9.7-10%.
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The retailer, which has over 7,000 stores in Russia, also said it expects sales to increase 29-30% this year, narrowing earlier guidance of 27-30%.
Magnit also indicated it could up its capex spending next year. It is spending US$1.6-1.7bn this year and gave a “preliminary” figure of $1.7-1.8bn for 2014.
Of the retailer’s over 7,000 stores, 6,552 are convenience stores. It plans to open a “net” 1,100 this year and 1,000 next. Magnit has 164 hypermarkets and plans to open 60-65 hypers and Magnit Family outlets this year – and 80 in 2014.
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