Russian retailer "Magnit" (the “Company”; RTS, MICEX and LSE: MGNT) is announce its unaudited 4M 2009 results.
During 4M 2009 the Company opened (net) 135 stores with its total store base reaching 2,717 stores (2,703 convenience stores and 14 hypermarkets) at the end of this period. Preliminary consolidated unaudited net retail revenue (excl. VAT) in 4M2009 increased by 35.60% in ruble terms (compared to 4M2008) and stood at 51,384.93 million rubles.
Company description:
Based in Krasnodar, in the Southern region of Russia, Open Joint Stock Company “ Magnit” is a holding company for a group of entities that operate in the retail trade under the “Magnit” name. The chain of “Magnit” stores is one of the leading operators in the Russian food retail market. As of December 31, 2008 the chain consisted of 2,568 convenience stores and 14 hypermarkets in 856 locations in the Russian Federation.
Approximately two-thirds of the Company s stores are located in cities with a population of less than 500 thousand. Most of its stores are located within the Southern, Central and Volga regions. The Company also operates stores in the North-Western and Urals regions.
As of December 31, 2008 the Company operated an in-house logistics system consisting of 9 distribution centers, employing automated stock replenishment systems and a fleet of 1,165 vehicles.
In accordance with the audited IFRS consolidated financial statements for 2008, the Company posted consolidated revenues of approximately US$ 5,348 million and a consolidated EBITDA of around US$ 402 million
