OREANDA-NEWS. March 20, 2007. OJSC "Magnit" (the “Company”; RTS: MGNT), Russia’s leading retail chain in terms of number of stores and customers, is pleased to release its 2M07 results, reported the press-centre of  OJSC "Magnit".

During 2M07 the Company opened 15 stores (net) with its total store base reaching 1 908 stores at the end of this period. Preliminary consolidated net revenue in 2M07 increased by 47,02% in rouble terms (compared to 2M06) and stood at 13 055.38 million roubles. Net sales in dollars increased by 57.23% YoY and stood at USD 494,41 million.

Company description:
Based in Krasnodar, in the Southern region of Russia, Open Joint Stock Company Magnit is a holding company for a group of entities that operate in the retail trade under the “Magnit” name. The chain of “Magnit” stores is one of the leading operators in the Russian food retail market. As at December 31, 2005 the chain consisted of 1,500 stores in discounter format in more than 470 locations in the Russian Federation.

Approximately two-thirds of the Company’s stores are located in cities with a population of less than 500 thousand. Most of its stores are located within the Southern, Central and Volga regions. The Company also operates stores in the North West and Urals regions.
The Company operates an in-house logistics system consisting of 6 state of the art distribution centers, employing automated stock replenishment systems and a fleet of over 450 vehicles.

In accordance with audited IFRS consolidated financial statements, in the year ended December 31, 2005, the Company posted consolidated revenues of approximately US$1,578 million and a consolidated EBITDA* of around US$78 million.