Magnit on track for higher revenue

Magnit expects its EBITDA margin to stand in the range of 9%-9.5% in 2012, up from 8.5%-9% under earlier projections, while its revenue growth forecast was increased from 25%-27% to 30%-32%, the Krasnodar-based food retail chain said in a statement.

      The retailer expects its capex to total USD 1.6bn-17bn in 2012, and USD 1.6bn-1.8bn in 2013. The company intends to open a thousand neighborhood stores, 50-55 hypermarkets and family stores, and over 500 cosmetic shops a year in 2012-2013.

      According to earlier reports, Magnit's IFRS net profit surged 2.59-fold year-on-year to RUB 10.4bn (approx. USD 337.67m) in the first six months of 2012, and revenue climbed 32.57% to RUB 156.6bn (approx. USD 5.08bn).

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