Retail

Russia's Magnit Sees Net Income Decline 14.3% To RUB 18bn In H1

By Publications Checkout
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Russian retailer Magnit has posted a decline in net income for H1 2018 to RUB 18 billion, a drop of 14.3% year on year.

Gross profit also saw a year-on-year decrease, amounting to RUB 147 billion. Magnit's margin also saw a drop to 25.7%, due to price investments, May and June promotions, and shrinkage growth caused by inaccurate promo volume projections, the company said.

EBITDA equalled RUB 44 billion in the first half of 2018, impacted by increase of lease expenses as well as one-off inventory write-offs, among other influences.

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