Support The Moscow Times!

Magnit's Q3 Profit Doubles

Food retailer Magnit beat forecasts after another quarter of strong growth driven by a high pace of new store openings and a focus on low prices.

Third-quarter net profit almost doubled to $200 million, compared with a forecast for $155 million in a Reuters poll.

In the third quarter, sales totaled $3.5 billion, bringing nine-month result to $10.3 billion, as Magnit's store chain rose to 6,119 from 4,767 at the end of September last year.

Third-quarter EBITDA grew about 60 percent to $383 million versus the $330 million forecast, with the margin climbing to about 11 percent from 8.4 percent the year earlier. Nine-month net profit surged 123 percent to $539.9 million and EBITDA rose 75.2 percent to $1.05 billion for a 10.25 percent margin, up from 7.20 percent a year ago.


Related articles:

Read more

Independent journalism isn’t dead. You can help keep it alive.

The Moscow Times’ team of journalists has been first with the big stories on the coronavirus crisis in Russia since day one. Our exclusives and on-the-ground reporting are being read and shared by many high-profile journalists.

We wouldn’t be able to produce this crucial journalism without the support of our loyal readers. Please consider making a donation to The Moscow Times to help us continue covering this historic time in the world’s largest country.