21 Jul 2017 14:02
PJSC MAGNIT - Magnit 2017 Guidance UpdatePJSC MAGNIT - Magnit 2017 Guidance Update
PR Newswire
London, July 21
Press Release
Krasnodar
July 21, 2017
PJSC “Magnit” Updates Guidance for 2017
Krasnodar, Russia (July 21, 2017): Magnit PJSC, one of Russia’s leading retailers (MOEX and LSE: MGNT), updates guidance for 2017.
Based on the analysis of sales of the first six months this year the management of the Company updates guidance for 2017:
| 2017 (Previous) | 2017 (New) | |
| Sales Growth in RUR: | 9-13% | 9-11% |
| Number of Store Openings, net | ||
| - Convenience stores | 1,700 | 2,000+ |
| - Hypermarkets | 15+ | 13 |
| - “Magnit Family” | 25+ | 15 |
| - Drogerie stores | 1,000 | 1,000 |
Please note that the new guidance for hypermarket and “Magnit Family” openings is net of closings. The store closings of hypermarkets and “Magnit Family” in the 1H 2017 are part of the ongoing campaign to close unprofitable stores. Gross number of openings will be consistent with the previous guidance of 15 hypermarkets and 25 “Magnit Family”.
Note: This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation which came into effect on 3 July 2016.
For further information, please contact:
| Timothy Post | Head of Investor Relations Email: post@magnit.ru Office: +7-861-277-4554 x 17600 |
| Dina Svishcheva | Deputy Director, Investor Relations Email: Chistyak@magnit.ru Office: +7-861-277-4554 x 15101 |
| Media Inquiries | Media Relations Department press@magnit.ru |
Company description:
Public Joint Stock Company “Magnit” is one of Russia's leading retailers. Founded in 1994, the company is headquartered in the southern Russian city of Krasnodar. As of June 30, 2017, Magnit operated 35 distribution centers and 14,844 stores (11,114 convenience, 430 hypermarkets and 3,300 drogerie stores) in 2,567 cities and towns throughout 7 federal regions of the Russian Federation.
In accordance with the unaudited IFRS management accounts for 1H 2017, Magnit had revenues of RUB 555 billion and an EBITDA of RUB 49 billion. Magnit's local shares are traded on the Moscow Exchange (MOEX: 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.
Forward-looking statements:
This document contains forward-looking statements that may or may not prove accurate. For example, statements regarding expected sales growth rate and store openings are forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause actual results to differ materially from what is expressed or implied by the statements. Any forward-looking statement is based on information available to Magnit as of the date of the statement. All written or oral forward-looking statements attributable to Magnit are qualified by this caution. Magnit does not undertake any obligation to update or revise any forward-looking statement to reflect any change in circumstances.