Russia's Magnit Sees 6.4% Increase In Revenue In First Half
Russian retailer Magnit has posted a 6.4% increase in revenue in the first half of its financial year, to RUR 555 billion (€7.96 billion).
This is up from the RUR 522 billion it posted for the same period last year.
Gross profit increased from RUR 142 billion RUR in the first half of 2016 to RUR 153 billion RUR in the first half of 2017.
EBITDA for the first half of the year was RUR 49 billion, while EBITDA margin was 8.8%.
During the first half of the year, Magnit added a net 785 stores to its portfolio, meaning that the retailer now operates a total of 14,844 stores (11,114 convenience stores, 240 hypermarkets, 190 'Magnit Family' stores and 3,300 drogerie stores).
It also refurbished 830 convenience stores during the period, with 2,162 stores operating under a 'new format'.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: The European Supermarket Magazine.