March 13, 2010 OJSC «Magnit» opened its 25th hypermarket located at 8, Yung Severnogo Flota str., Dimitrovgrad, the Ulyanovsk region. Total space of the store is 7,317 sq. m. and its selling space is 3,429 sq. m. (out of which 1,269 sq. m. is rental space). Assortment of the “Magnit” hypermarket consists of about 8,500 SKUs, out of which 80% are food items. There are 17 cash desks installed in the sales area.
Company description:
Based in Krasnodar, in the Southern region of Russia, Open Joint Stock Company “Magnit” is the holding company for a group of entities that operate in the retail trade under the “Magnit” brand. The chain of “Magnit” stores is one of the leading food retail networks in Russia. As of December 31, 2009 the chain consisted of 3,204 convenience stores and 24 hypermarkets in 1,048 locations in the Russian Federation.
Approximately two-thirds of the Company’s stores are located in cities with a population of less than 500,000 inhabitants. Most of its stores are located in the Southern, Central and Volga regions. The Company also operates stores in the North-Western and Urals regions.
As of December 31, 2009 the Company operated an in-house logistics system consisting of 9 distribution centers, employing automated stock replenishment systems and a fleet of 1,453 vehicles.
In accordance with the unaudited IFRS consolidated financial statements for the six months ended June 30, 2009, the Company recorded consolidated revenue of approximately US$2,378 million and consolidated EBITDA of around US$224 million.
