Russian retailer Magnit has booked an increase in profit in the first nine months of the year, boosted by a high pace of new store openings and a focus on low prices.
In the nine months to the end of September, net income soared 140.6% to RUR17.29bn (US$600.9m). The group increased its selling space by 30% in the period, adding 810 stores.
Go deeper with GlobalData
EBITDA increased 89.4% to RUR32.74bn, with EBITDA margin amounting to 10.25%, 3.05 percentage points above last year’s figure of 7.2%.
Sales climbed 33% year-on-year to RUR319.48bn as a result of an increase in selling space and a 4.6% increase in like-for-like sales.
“Once again we have delivered very good results but please understand that this is not the most crucial thing for us,” said CEO Sergey Galitskiy. “Rather, the most important objective for us is to build a competitive business model. It is the market that will determine the level of the EBITDA margin.”
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.
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
