OREANDA-NEWS. August 12, 2011. OJSC "Magnit" (the "Company"; RTS, MICEX and LSE: MGNT) is pleased to announce its unaudited July 2011 results1.

During 7M 2011 the Company opened (net) 492 stores. The total store base reached 4,547 stores (4,435 convenience stores, 69 hypermarkets and 43 cosmetics stores). Preliminary consolidated unaudited net retail revenue (excl. VAT) in 7M 2011 increased by 49.75% in ruble terms (compared to 7M 2010) and stood at 185,324.43 million rubles. Net retail sales in July 2011 increased by 43.13% vs. July 2010 and amounted to 28,791.37 million rubles.

Presenting 7M2011 operating results management announces that the Company continues to focus on the strategy of more aggressive expansion and customer acquisition. At that the forecast of FY 2011 sales growth is 46-48% in ruble terms and EBITDA margin will not exceed 7.5% in FY 2011.

July 2011 Key Operating and Financial Highlights:

 

July 2011

July 2010

Growth Rate

7M 2011

7M 2010

Growth Rate

 

Number of opened stores, NET

87

59

n/a

492

323

n/a

 

convenience stores

69

56

n/a

433

316

n/a

 

hypermarkets

3

3

n/a

18

7

n/a

 

cosmetics stores

15

-

n/a

41

-

n/a

 

Total number of stores

4,547

3,551

n/a

4,547

3,551

n/a

 

convenience stores

4,435

3,520

n/a

4,435

3,520

n/a

 

hypermarkets

69

31

n/a

69

31

n/a

 

cosmetics stores

43

-

n/a

43

-

n/a

 

Selling space, thousand sq. m.

1,646.19

1,186.43

38.75%

1,646.19

1,186.43

38.75%

 

convenience stores

1,425.60

1,082.78

31.66%

1,425.60

1,082.78

31.66%

 

hypermarkets

211.72

103.65

104.26%

211.72

103.65

104.26%

 

cosmetics stores

8.87

-

n/a

8.87

-

n/a

 

Net retail sales, million RUR

28,791.37

20,115.71

43.13%

185,324.43

123,753.36

49.75%

 

convenience stores

24,599.92

17,963.52

36.94%

161,577.54

112,463.30

43.67%

 

hypermarkets

4,149.05

2,152.19

92.78%

23,647.66

11,290.07

109.46%

 

cosmetics stores

42.39

-

n/a

99.22

-

n/a

 

Net retail sales, million USD 2

1,031.92

655.52

57.42%

6,498.42

4,103.47

58.36%

convenience stores

881.70

585.38

50.62%

5,665.73

3,729.11

51.93%

hypermarkets

148.71

70.13

112.03%

829.21

374.36

121.50%

cosmetics stores

1.52

-

n/a

3.48

-

n/a