OREANDA-NEWS. OJSC "Magnit", Russia's largest food retailer (the "Company"; MICEX and LSE: MGNT) announces the opening of a new distribution center in Novorossiysk.

Please be informed that the Company has opened a new distribution center (DC) in Novorossiysk (Krasnodar region). Total space of the warehouse is more than 25 thsd. sq. m. Launch of the new distribution facility will improve the quality of service in the Southern region.

"Magnit" operates 26 distribution centers with their total capacity of about 825 thsd. sq. m.

Magnit is Russia's largest food retailer. Founded in 1994, the company is headquartered in the southern Russian city of Krasnodar. As of June 30, 2014, Magnit operated 24 distribution centers and over 8,600 stores (7,614 convenience, 226 hypermarkets, and 778 drogeries) in approximately 2,000 cities and towns throughout 7 federal regions of the Russian Federation.

In accordance with the reviewed IFRS consolidated financial statements for 1H 2014, Magnit had revenues of USD 9,979 million USD and an EBITDA of USD 1,045 million USD. Magnit's local shares are traded on the Moscow Stock Exchange (MICEX: MGNT) and its GDRs on the London Stock Exchange (LSE: MGNT) and it has a credit rating from Standard & Poor's of BB. Measured by market capitalization, Magnit is one of the largest retailers in Europe.