OREANDA-NEWS. OJSC “Magnit”, Russia's largest retailer (the “Company”; MICEX and LSE: MGNT) announces the opening of a new distribution center in Yekaterinburg.

Please be informed that the Company has opened a new distribution center (DC) in Yekaterinburg. Total space of the DC is about 75 thousand sq. m. Launch of the new distribution facility will improve the quality of service in the Urals region.

“Magnit” operates 22 distribution centers with their total capacity of about 634,997 sq. m.

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.