3rd Aug 2017 12:07
PJSC MAGNIT - Launch of the New “Wholesale Hypermarket” FormatPJSC MAGNIT - Launch of the New “Wholesale Hypermarket” Format
PR Newswire
London, August 3
Press Release
Krasnodar
August 3, 2017
Magnit Announces the Opening of Wholesale Hypermarkets
Krasnodar, August 3, 2017: Magnit PJSC, one of Russia’s leading retailers (the “Company”; MOEX and LSE: MGNT) announces the opening of three test wholesale hypermarkets.
Please be informed that “Magnit” retail chain has launched three test stores to study the new “wholesale hypermarket” format. The assortment of about 1,500 high-demand SKUs, setting of the trading floor, convenient and simple goods layout allow customers to stock up for a week or a month at lower prices. The stores also serve retail customers.
The stores have been opened in Krasnodar, Ulyanovsk and Saratov.
For further information, please contact:
| Timothy Post | Head of Investor Relations Email: [email protected] Office: +7-861-277-4554 x 17600 |
| Dina Svishcheva | Deputy Director, Investor Relations Email: [email protected] Office: +7-861-277-4554 x 15101 |
| Media Inquiries | Media Relations Department [email protected] |
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.
Related Shares:
MGNT.L