Magnit Announces Opening of 146th Hypermarket
OREANDA-NEWS. OJSC “Magnit”, Russia’s largest retailer (the “Company”; MICEX and LSE: MGNT), is pleased to announce the opening of the 146th hypermarket of a medium format.
Please be informed that today the Company has opened its 146th hypermarket of a medium format located at 17A Leninskogo Komsomola prospect, Novokuybyshevsk, Nizhny Novgorod region, Volga federal district. Assortment of the hypermarket consists of more than 12,900 SKUs, out of which about 61% are food items. There are 25 cash desks installed in the sales area. The outlet is owned by the Company. The hypermarket is open 7 days a week from 9 am to 10 pm.
Magnit is Russia's largest retailer. Founded in 1994 by Sergey Galitskiy, the company is headquartered in the southern Russian city of Krasnodar. As of June 30, 2013, Magnit operates 18 distribution centers and over 7,000 stores (6,552 convenience, 164 hypermarkets, and 700 cosmetics) in more than 1,700 cities and towns throughout 7 federal regions of the Russian Federation.
In accordance with the unaudited IFRS management accounts for 1H 2013, Magnit had revenues of USD 8,796 million USD and an EBITDA of USD 889 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 now Europe's 2nd largest retailer.