OREANDA-NEWS. OJSC “Magnit”, Russia's largest food retailer (the “Company”; MICEX and LSE: MGNT), is pleased to announce the opening of the 60th “Magnit Family” store.

Please be informed that today the Company has opened its 60th “Magnit Family” store located at 116/1, Pobedy prospect, Orenburg, Volga federal district. Assortment of the store consists of more than 7,200 SKUs, out of which about 89% are food items. There are 13 cash desks installed in the sales area. The outlet is leased by the Company. The store is open 7 days a week from 10 am to 11 pm.

Magnit is Russia's largest food retailer. Founded in 1994, the company is headquartered in the southern Russian city of Krasnodar. As of June 30, 2014, Magnit operated 24 distribution centers and over 8,600 stores (7,614 convenience, 226 hypermarkets, and 778 cosmetics) in approximately 2,000 cities and towns throughout 7 federal regions of the Russian Federation.

In accordance with the audited IFRS consolidated financial statements for 2013, Magnit had revenues of USD 18,202 million USD and an EBITDA of USD 2,032 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 one of the largest retailers in Europe.