OREANDA-NEWS. PJSC "Magnit", Russia's largest retailer (the "Company"; MICEX and LSE: MGNT) announces its unaudited 9M 2014 results prepared in accordance with IFRS1.

During 9M 2014 the Company added (net) 927 stores (691 convenience stores, 14 hypermarkets, 22 "Magnit Family" stores and 200 cosmetics stores) and increased its selling space by 17.09% in comparison to 9M 2013 from 2,841.39 thousand sq. m. to 3,327.00 thousand sq. m. The total store base as of September 30, 2014 reached 9,020 stores (7,891 convenience stores, 175 hypermarkets, 68 "Magnit Family" stores and 886 cosmetics stores).

Revenue increased by 30.08% YoY from 417,179.66 million RUR in 9M 2013 to 542,675.00 million RUR in 9M 2014. The top line growth was due to an increase in selling space as well as to a 13.12% increase of like-for-like sales.

Gross margin grew from 27.96% in 9M 2013 to 28.65% in 9M 2014. Gross profit increased by 33.27% from 116,660.06 million RUR to 155,476.42 million RUR.

EBITDA increased by 36.49% from 44,405.68 million RUR in 9M 2013 to 60,607.56 million RUR in 9M 2014. EBITDA margin in 9M 2014 amounted to 11.17%, which is 53 b.p. higher than 9M 2013 (10.64%). EBITDA margin in the 3Q of 2014 was 12.42%.

9M 2014 net income increased by 42.23% and amounted to 33,892.65 million RUR vs. 23,829.90 million RUR in 9M 2013. Net income margin for 9M 2014 was 6.25%.

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

"The 3rd quarter was a challenging time for the business units of the company responsible for Logistics and Purchasing. A lot of effort was focused on achieving a high "service level" for food deliveries to our stores. We have a strong team and as a result, we managed to adapt to the changing conditions, in as short a time as possible, which resulted in a strong performance in the 3 quarter. I would like to thank my management team for doing a great job in the rapidly changing market conditions".