OREANDA-NEWS. OJSC “Magnit”, Russia's largest retailer (the “Company”; MICEX and LSE: MGNT) announces its unaudited 9M 2013 results prepared in accordance with IFRS1.

During 9M 2013 the Company added (net) 762 stores (737 convenience stores, 22 hypermarkets and 10 “Magnit Family” stores) and increased its selling space by 25.68% in comparison to 9M 2012 from 2,260.88 thousand sq. m. to 2,841.39 thousand sq. m. The total store base as of September 30, 2013 reached 7,646 stores (6,783 convenience stores, 148 hypermarkets, 30 “Magnit Family” stores and 685 cosmetics stores).

Revenue in rubles increased by 30.58% YoY from 319,485.04 million RUR in 9M 2012 to 417,179.66 million RUR in 9M 2013. The top line growth was due to an increase in selling space as well as to a 4.64% increase of like-for-like sales (excl. VAT). Revenue growth in dollar terms amounted to 28.44%: from USD 10,273.36 million to USD 13,194.79 million.2

Gross margin grew from 26.07% in 9M 2012 to 27.96% in 9M 2013. Gross profit in rubles increased by 40.05% from 83,299.50 million RUR (USD 2,678.58 million) to 116,660.06 million RUR (USD 3,689.79 million).

EBITDA increased by 35.62% from 32,743.51 million RUR (USD 1,052.90 million) in 9M 2012 to 44,405.68 million RUR (USD 1,404.49 million) in 9M 2013. EBITDA margin in 9M 2013 amounted to 10.64%.

9M 2013 net income increased by 41.92% and amounted to 23,829.90 million RUR (USD 753.71 million) vs. 16,791.15 million RUR (USD 539.94 million) in 9M 2012.

Sergey Galitskiy, the Company's CEO, provided the following comments on the published results:

“We have achieved record profitability results, as we previously mentioned. I would also like to note the slowdown in the rate of inflation compared to the previous year. Thus, we believe that the highest possible sales growth rate for the full-year 2013 will be 28-29%”.