OREANDA-NEWS. On September 04, 2007 OJSC "Magnit" (the “Company”; RTS: MGNT), Russia’s leading retail chain in terms of number of stores and customers, released its 1H2007 financial results prepared in accordance with IFRS, reported the press-centre of  OJSC "Magnit".

Sergey Galitsky, the Company’s CEO, provided the following comments on the published 1H2007 results:
“We consider the Company’s operational results to be satisfactory. Most of the figures are within the schedule. We continue to work on the effectiveness of our business reducing the logistics costs, increasing the number of Private Label products in retail revenue and improving the purchasing conditions of the products sold via the retail chain. Considerable part of capital expenditures is due to the realization of the hypermarket development program, which is a new format for the Company. We hope that the hypermarket sales will significantly influence the total results of the Company already by the end of 3Q2008”.

Alexander Prisyazhnyuk, CFO was kind to add the following:
“About a half of the convenience stores opened during this period are owned by the Company. We can clearly see the dynamics of our customers’ income growth which allows us to build own new stores considerably larger than average. On the whole I am pleased with the results achieved by the Company during the first half and hope to keep the above trends within the next six months”.

Full report see here: http://www.magnit-info.ru/eng/investor_relations/press-releasse_and_presentations/data/files/Press-Release-1H07-4Sep-eng.pdf