OREANDA-NEWS. OJSC “Magnit”, Russia's largest retailer (the “Company”; MICEX and LSE: MGNT), is pleased to announce the opening of the 160th hypermarket of a small format.

Company has opened its 160th hypermarket of a small format located at 105a Kalinina street (“Mega Mall” shopping center), Cheboksary, Chuvash Republic, Volga federal district. Assortment of the hypermarket consists of more than 6,500 SKUs, out of which about 82% are food items. There are 15 cash desks installed in the sales area. The outlet is leased by the Company. The hypermarket is open 7 days a week from 8 am to 11 pm.

Magnit is Russia's largest retailer. Founded in 1994, the company is headquartered in the southern Russian city of Krasnodar. As of September 30, 2013, Magnit operated 19 distribution centers and over 7,600 stores (6,783 convenience, 178 hypermarkets, and 685 cosmetics) in more than 1,760 cities and towns throughout 7 federal regions of the Russian Federation.

In accordance with its reviewed IFRS consolidated financial statements, Magnit had 1H 2013 revenues of USD 8.7 billion USD and an EBITDA of USD 890 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 food retailer.