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Russia's Magnit says quarterly earnings fall, sales pick up
July 21, 2017 / 7:39 AM / 3 months ago

Russia's Magnit says quarterly earnings fall, sales pick up

MOSCOW, July 21 (Reuters) - Russia’s second-biggest food retailer Magnit said on Friday its net profit fell 26 percent year on year in the second quarter but sales growth picked-up.

* Net profit decreased to 13.25 billion roubles ($224.6 million) from 17.9 billion roubles in the second quarter of 2016, Magnit said in a statement.

* Earnings before interest, taxation, depreciation and amortisation (EBITDA) fell 13 percent to 27.8 billion roubles.

* The EBITDA margin slid to 9.64 percent from 11.95 percent in Q2 2016.

* Net sales were up 8.2 percent year on year to 288 billion roubles, after a 4.6 percent rise in the first quarter;

* Like-for-like sales were down 1.42 percent year on year, after a decrease of 4.77 percent in January-March.

* The average like-for-like ticket was up 2.17 percent year on year while like-for-like traffic fell 3.51 percent.

* The company opened 535 new stores in April-June, bringing its total number of outlets to 14,844. Source text for Eikon: Further company coverage: ($1 = 58.9965 roubles) (Reporting by Moscow Newsroom)

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