5M71 Magnit PJSC Sponsored GDR RegS

Magnit reports 38.7% total sales growth (19.7% adjusted for Dixy acquisition) and 13.1% LFL sales growth in 2Q 2022

MAGNIT PJSC (MGNT)
Magnit reports 38.7% total sales growth (19.7% adjusted for Dixy acquisition) and 13.1% LFL sales growth in 2Q 2022

28-Jul-2022 / 09:00 MSK
Dissemination of a Regulatory Announcement that contains inside information in accordance with the Market Abuse Regulation (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.


 

 

 

Magnit Reports 38.7% total sales growth (19.7% adjusted for dixy acquisition) and 13.1% LFL Sales Growth in 2Q 2022

 

 

Krasnodar, Russia (July 28, 2022): Magnit PJSC (MOEX and LSE: MGNT; Magnit, the Company), one of Russia’s leading retailers, announces its 2Q and 1H 2022 operational results.

 

 

 

 

 

38.7%

TOTAL REVENUE growth

2Q 2022 Key Operational Highlights

  • Total revenue increased by 38.7% y-o-y to RUB 588.6 billion. Total revenue adjusted for the Dixy acquisition increased by 19.7%;
  • Net retail sales reached RUB 579.0 billion increasing 40.0% y-o-y. Net retail sales growth adjusted for the Dixy acquisition was 20.7%;
  • LFL sales growth of 13.1% driven by 15.0% average ticket growth and 1.6% LFL traffic decline;
  • Overall sales densities (excluding stores under the Dixy brand) improved by 2.7% q-o-q and 8.1% y-o-y;

13.1%

lfl sales growth

 

 

 

 

 

 

 

  • The Company opened 194 stores including 102 discounters on a gross basis or 126 stores on a net basis. As of June 30, 2022 the total store base was 26,731;
  • Selling space increase of 23 thousand sq. m., bringing total selling space to 9,258 thousand sq. m. (19.5% y-o-y growth);
  • The Company redesigned 21 stores (18 convenience stores and three supermarkets). As at June 30, 2022, across Magnit brand 79% of convenience stores, 46% of supermarkets and 63% of drogeries are either new or refurbished;
  • The number of loyalty programme cardholders reached 63.1 million. Company-wide, the proportion of tickets using the loyalty card was 50% with sales penetration of 65%.
  • E-commerce GMV (incl. VAT) was RUB 7.4 billion;

 

 

 

 

 

 

 

 

 

 

77%

utilization

of magnit production capacities

in april 2022

 

 

 

 

Key events in 2Q 2022 and after the Reported Period

  • Magnit notified JPMorgan Chase Bank, N.A. of termination of the deposit agreement and GDR programme. The Company also submitted requests to the London Stock Exchange to cancel admission of its GDRs to trading on the Main Market, and to the UK Listing Authority to cancel the listing of the GDRs on the Official List. It is anticipated that the delisting and cancellation of admission to trading of the GDRs from the LSE will take effect on 30 August 2022;
  • Magnit started testing a new ‘Convenience Plus’ format with an expanded assortment and a larger store space;
  • Magnit’s own production facilities reached record high utilization level - on a y-o-y basis, it increased by 19 percentage points and reached 77% in April 2022;
  • Magnit and TransContainer reached partnership deal and plan to arrange for delivery of imported products from China and Southeast Asia.

 

Consolidation of the Dixy business and changes to the reporting standards

 

Magnit completed the acquisition of the Dixy retail business on July 22, 2021, and subsequent performance of Dixy has been consolidated into Magnit’s results. Sales and operating results of the stores under the Dixy brand are reported separately, and growth metrics will be published starting from 3Q 2022. Dixy stores are not included in the LFL panel; this will begin after full 12 months of operations following consolidation. The Dixy retail business does not form a separate segment - Magnit will continue reporting consolidated financial results for the Group.

 

 

2Q and 1H 2022 Operating Results

 

 

LFL Results

 

 

2Q 2022

1H 2022

 

Average Ticket

Traffic

Sales

Average Ticket

Traffic

Sales

Total (Magnit excl. Dixy)

15.0%

-1.6%

13.1%

13.1%

-0.5%

12.6%

Convenience Stores

15.2%

-1.3%

13.6%

13.1%

-0.2%

12.8%

Supermarkets

14.0%

-4.4%

9.1%

12.5%

-4.2%

7.8%

Drogerie Stores

16.5%

-1.8%

14.4%

16.5%

0.4%

17.1%

 

 

 

 

Retail Sales

 

2Q 2022

2Q 2021

Change

Change, %

1H 2022

1H 2021

Change

Change, %

Total Net Retail Sales, million RUB

579,022

413,693

165,329

40.0%

1,113,847

801,592

312,255

39.0%

Magnit

499,484

413,693

85,791

20.7%

960,230

801,592

158,638

19.8%

Convenience Stores

396,613

324,476

72,137

22.2%

754,845

624,418

130,427

20.9%

Supermarkets

56,343

51,513

4,830

9.4%

110,095

101,628

8,466

8.3%

Drogerie Stores

44,184

35,240

8,944

25.4%

90,112

70,252

19,860

28.3%

Other Formats

2,343

2,464

-121

-4.9%

5,179

5,295

-116

-2.2%

DIXY

79,539

n/a

n/a

n/a

153,617

n/a

n/a

n/a

Convenience Stores

75,881

n/a

n/a

n/a

146,405

n/a

n/a

n/a

Supermarkets

3,658

n/a

n/a

n/a

7,212

n/a

n/a

n/a

Number of Tickets, mln

1,499

1,243

257

20.7%

2,856

2,346

511

21.8%

Magnit

1,307

1,243

64

5.2%

2,486

2,346

141

6.0%

Convenience Stores

1,114

1,051

63

5.9%

2,105

1,974

132

6.7%

Supermarkets

82

86

-4

-4.7%

158

164

-7

-4.1%

Drogerie Stores

106

99

7

6.9%

211

193

18

9.4%

Other Formats

6

7

-1

-16.2%

12

14

-2

-16.5%

DIXY

192

n/a

n/a

n/a

370

n/a

n/a

n/a

Convenience Stores

187

n/a

n/a

n/a

360

n/a

n/a

n/a

Supermarkets

5

n/a

n/a

n/a

10

n/a

n/a

n/a

Average Ticket, RUB

386

333

53

16.0%

390

342

48

14.1%

Magnit

382

333

49

14.8%

386

342

44

13.0%

Convenience Stores

356

309

47

15.4%

359

316

42

13.3%

Supermarkets

691

602

89

14.7%

699

618

80

13.0%

Drogerie Stores

417

356

61

17.2%

427

364

63

17.2%

Other Formats

406

356

50

14.1%

418

357

61

17.1%

DIXY

414

n/a

n/a

n/a

415

n/a

n/a

n/a

Convenience Stores

406

n/a

n/a

n/a

407

n/a

n/a

n/a

Supermarkets

699

n/a

n/a

n/a

704

n/a

n/a

n/a

 

 

Stores and Selling Space

 

 

2Q 2022

2Q 2021

Change

Change, %

1H 2022

1H 2021

Change

Change, %

Number of Stores (EOP)

26,731

22,344

4,387

19.6%

26,731

22,344

4,387

19.6%

Magnit

24,376

22,344

2,032

9.1%

24,376

22,344

2,032

9.1%

Convenience Stores

16,748

15,348

1,400

9.1%

16,748

15,348

1,400

9.1%

Supermarkets

467

469

-2

-0.4%

467

469

-2

-0.4%

Drogerie Stores

7,161

6,527

634

9.7%

7,161

6,527

634

9.7%

DIXY

2,355

n/a

n/a

n/a

2,355

n/a

n/a

n/a

Convenience Stores

2,326

n/a

n/a

n/a

2,326

n/a

n/a

n/a

Supermarkets

29

n/a

n/a

n/a

29

n/a

n/a

n/a

Store Openings (Net)

126

444

-318

-71.6%

654

780

-126

-16.2%

Magnit

142

444

-302

-68.0%

750

780

-30

-3.8%

Convenience Stores

128

250

-122

-48.8%

558

437

121

27.7%

Supermarkets

-1

-2

1

-50.0%

-3

-1

-2

200.0%

Drogerie Stores

15

196

-181

-92.3%

195

344

-149

-43.3%

DIXY

-16

n/a

n/a

n/a

-96

n/a

n/a

n/a

Convenience Stores

-7

n/a

n/a

n/a

-86

n/a

n/a

n/a

Supermarkets

-9

n/a

n/a

n/a

-10

n/a

n/a

n/a

Total Selling Space (EOP), th. sq.m

9,258

7,748

1,510

19.5%

9,258

7,748

1,510

19.5%

Magnit

8,446

7,748

698

9.0%

8,446

7,748

698

9.0%

Convenience Stores

5,836

5,275

561

10.6%

5,836

5,275

561

10.6%

Supermarkets

934

943

-9

-1.0%

934

943

-9

-1.0%

Drogerie Stores

1,649

1,500

148

9.9%

1,649

1,500

148

9.9%

Other formats

28

30

-2

-6.8%

28

30

-2

-6.8%

DIXY

812

n/a

n/a

n/a

812

n/a

n/a

n/a

Convenience Stores

754

n/a

n/a

n/a

754

n/a

n/a

n/a

Supermarkets

58

n/a

n/a

n/a

58

n/a

n/a

n/a

Selling Space Addition (Net), th. sq.m

23

142

-119

n/a

261

252

10

n/a

Magnit

42

142

-101

n/a

242

252

-10

n/a

Convenience Stores

39

106

-67

n/a

201

186

15

n/a

Supermarkets

-2

-1

-1

n/a

-4

1

-5

n/a

Drogerie Stores

4

40

-36

n/a

45

72

-27

n/a

Other formats

0

-4

4

n/a

0

-8

8

n/a

DIXY

-18

n/a

n/a

n/a

19

n/a

n/a

n/a

Convenience Stores

-3

n/a

n/a

n/a

36

n/a

n/a

n/a

Supermarkets

-15

n/a

n/a

n/a

-17

n/a

n/a

n/a

 

 

 

 

8.1%

LTM sales density improvement y-o-y

 

 

 

 

 

 

 

 

 

 

 

 

 

19.5%

selling space

growth y-o-y

 

Trading Performance

 

Total sales in 2Q 2022 grew by 38.7% y-o-y to RUB 588.6 billion. Net retail sales grew by 40.0% y-o-y, driven by a combination of 19.5% selling space growth and 13.1% LFL sales growth. Net retail sales achieved by the stores under the Magnit brand accelerated to 20.7% from 18.8% in 1Q 2022 driven by LFL sales growth in the mature outlets and selling space growth.

 

Customer environment normalized and shopping patterns returned to normal without stockpiling effect. Net retail sales growth continued to outpace selling space growth on further improvement of sales densities. Overall sales densities in 2Q 2022 (excluding stores under the Dixy brand) improved by 2.7% q-o-q and 8.1% y-o-y while across the Company’s main convenience store format these improved by 2.8% q-o-q and 8.5% y-o-y.

 

Net retail sales growth demonstrated strong monthly performance. Having peaked in March 2022 during stockpiling period, net retail sales growth normalized and demonstrated strong monthly  dynamics in the reported quarter (+39.4% in April, +40.1% in May and +40.4% in June).

 

Selling space increased by 19.5% y-o-y driven by organic expansion and the Dixy acquisition (2,477 Dixy stores added in 3Q 2021 but consolidated from July 22nd, 2021). Selling space growth adjusted for the Dixy acquisition decelerated from 10.5% in the previous quarter to 9.0%, reflecting 64% decrease y-o-y in the number of store openings per quarter (188 in 2Q 2022 compared to 519 in 2Q 2021 on gross basis).

 

 

 

 

 

 

 

LFL sales growth accelerated further from 12.0% in the previous quarter to 13.1% in 2Q 2022 driven by strong average ticket growth. 476 stores entered LFL panel in 2Q (including 279 convenience stores and 197 drogeries). Only 8% of Magnit’s selling space is currently in the ‘ramp-up’ phase with 92% already mature. Thus, acceleration of LFL sales growth q-o-q was driven by solid performance of mature stores, but not the pace of store space addition.

 

LFL sales growth in the reported quarter was driven by strong LFL average ticket growth of 15.0% predominantly due to y-o-y acceleration of inflation. LFL traffic was negative and stood at -1.6% driven by lower y-o-y promo activity, colder weather in many regions, weaker domestic tourist season in the South regions and decelerated traffic in the shopping malls.

 

All regions showed robust LFL sales growth with North-West and Central regions delivering the strongest results.

 

LFL sales growth in Moscow and St. Petersburg outpaced regions on positive LFL traffic dynamics, while in regions LFL traffic was negative mainly due to worse weather conditions and tourist season compared to May-June 2021.

 

Revenue and LFL sales growth accelerated versus previous quarter despite lower level of promo in the reported quarter. After promo activity hit the record low level in April, it started to recover in May reaching almost normalized level in June.

 

In food formats groceries, dairy and confectionaries were the fastest growing categories in the reported quarter, while in drogerie format the strongest performance was demonstrated by personal care products and detergents.

 

63 mln

of loyalty program cardholders

During the quarter the number of loyalty programme cardholders reached 63.1 million. Company-wide, the proportion of tickets using the loyalty card was 50% with sales penetration of 65%. During peak days of the quarter it reached 57% and 70% correspondingly. The loyalty programme continues to deliver positive cross-format gains - 39% of Magnit’s customer base at the end of the reporting period visit 2+ store formats. Average ticket of the active user is 1.8x higher vs transaction without loyalty card.

 

 

 

 

68.5%

share of Magnit convenience in the total net retail sales in 2Q 2022

Store Network Development and Performance by Format

 

The convenience segment within the Magnit brand generated 68.5% of total net retail sales in 2Q 2022. In the quarter Magnit opened (gross) 154 convenience stores and closed 26 stores under continued efficiency campaign. As a result, Magnit added 128 convenience stores (net) during the quarter. Net retail sales growth of 22.2% was driven by LFL sales growth of 13.6% and selling space growth of 10.6%. LFL sales growth was driven by LFL average ticket growth of 15.2% while LFL traffic decline was 1.3%.

 

6.6%

y-o-y improvement of sales density of supermarkets in 2Q 2022

 

Magnit supermarkets generated 9.7% of the Group's net retail sales in the reported quarter. During 2Q 2022 the Company opened three new supermarkets and closed four stores, focusing on improvement of sales density of the existing network and refurbishment campaign. Selling space across this format stood at 934 thousand sq. m (-1% y-o-y). LFL sales growth of the large format stores accelerated from 6.6% in the previous quarter to 9.1% in 2Q 2022. This was driven by 14.0% average ticket growth and 4.4% traffic decline. As a result, net retail sales growth of supermarkets improved to 9.4% in the quarter.

 

14.4%

lfl sales growth in magnit drogerie in 2Q 2022

 

 

 

 

 

 

 

13.7%

share of the Dixy stores in the total net retail sales in 2Q 2022

 

 

 

 

 

 

7.4

RUB billion

GMV in 2Q 2022

 

 

The sales contribution of Magnit’s drogerie format represented 7.6% of total net retail sales. During 2Q 2022 Magnit opened (gross) 31 drogeries and closed 16 stores. As a result, the total number of cosmetics stores reached 7,161 as at June 30, 2022. Selling space increased by 9.9% y-o-y or by 148 thousand sq. m. Driven by this increase in selling space and LFL sales growth of 14.4%, sales grew 25.4% - the strongest performance across all Magnit’s store formats. LFL traffic decline was 1.8%. LFL average ticket growth remained high – at 16.5%.

 

During 2Q 2022 Magnit redesigned 18 convenience stores and three supermarkets. This resulted in the combined share of refurbished and new stores across Magnit brand at: 79% for convenience stores, 46% for supermarkets and 63% for the drogerie format.

 

The share of Dixy stores in the Group’s total net retail sales reached 13.7% in the second quarter including 13.1% of Dixy convenience stores. In the reported period six convenience stores were opened, while some stores were transformed into Magnit branded outlets, resulting in 2,355 stores and 812 thousand sq. m. of selling space as at June 30, 2022. On pro-forma basis, Dixy stores demonstrated strong LFL sales dynamics, in line with Magnit business, driven by mature stores, despite high comparison base and strong sales density overall.

 

E-commerce

 

Magnit has been developing e-commerce services since the third quarter of 2020. The Company currently runs a number of online delivery projects, including own delivery and partnerships (express delivery, regular delivery, e-pharma, cosmetics and partnerships).

 

E-commerce GMV (incl. VAT) in the reported period was RUB 7.4 billion compared to RUB 1.5 billion in 2Q 2021. Total e-commerce GMV (incl. VAT) for the first six months of 2022 reached RUB 16.5 billion.

 

During 2Q 2022, the average number of orders per day reached 67,546.

 

The average ticket across all online services was c. RUB 1,200 including VAT. This average ticket is almost 3x higher than in the convenience stores (RUB 407 in 2Q 2022 incl. VAT). This is mostly due to a larger number of items per basket.

 

Magnit’s e-commerce services today cover over 10,322 offline stores and 24 dark stores in 66 regions and 452 cities, with 72% of the current revenue generated outside Moscow and St. Petersburg. The largest and fastest growing segment is express delivery, where orders are expected to be fulfilled within 60 minutes.

 

 

2Q 2022

2Q 2021

Change

Change, times/%

1H 2022

1H 2021

Change

Change, times/%

GMV, billion RUB

7.4

1.5

5.9

5.1x

16.5

2.3

14.2

7.1x

Number of orders per day (average)

67,546

14,896

52,650

4.5x

79,356

11,891

67,465

6.7x

Average ticket incl. VAT, RUB

1,200

1,072

128

11.9%

1,152

1,075

77

7.1%

Number of stores covered, EOP

10,322

2,000

8,322

5.2x

10,322

2,000

8,322

5.2x

 

 

 

 

 

375

My Price discounters as at June 30, 2022

 

 

 

Discounters

 

Magnit started piloting discounters in July 2020 as a response to the fast changing economic environment. The concept is aimed at price-sensitive consumers who frequently make minor purchases of traditional goods or stock up on products.

 

As at June 30, 2022 the Company had 375 operating ‘My Price’ discounters compared to 74 stores a year ago. During the reported quarter Magnit opened 102 stores including 71 new outlets and 31 stores reformatted from convenience stores.

 

Average ticket excl. VAT at My price discounters increased by 23.4% y-o-y and stood at RUB 307. Total LFL sales growth across this format including new openings and reformatted stores exceeded 60%.

 

Recent Trading

 

LFL sales growth in July 2022 month-to-date continues accelerating versus previous months and exceeds the 2Q average results. Within the structure of LFL sales, traffic has stabilized and started improving while average ticket growth remained strong supported by marketing campaigns and in-store improvements.

 

 

 

 

 

 

Note:

 

  1. This announcement contains inside information disclosed in accordance with the Market Abuse Regulation effective from July 3, 2016.
  2. Please note that there may be small variations in calculation of totals, subtotals, and/or percentage change due to rounding of decimals.

 

 

For further information, please contact:

 

Dina Chistyak

Director for Investor Relations 

Office: +7 (861) 210 9810 x 15101

 

Media Inquiries                   

                   

 

 

 

Note to editors

 

“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, 2022, Magnit operated 45 distribution centers and 26,731 stores in 3,963 cities and towns throughout 7 federal regions of the Russian Federation.

In accordance with the audited IFRS 16 results for FY 2021, Magnit had revenues of RUB 1,856 billion and an EBITDA of RUB 214 billion. Magnit's local shares are listed on the Moscow Exchange (MOEX: MGNT) and its GDRs on the London Stock Exchange (LSE: MGNT).

 

 

 

Forward-looking statements

 

This document contains or may contain forward-looking statements that may or may not prove accurate. For example, statements regarding expected sales growth rate and/or 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.

 

 

 

 

APPENDIX

 

2Q 2022 Monthly Sales

 

April

Change

May

Change

June

Change

Total net retail sales, RUB million

188,773

39.4%

195,360

40.1%

194,889

40.4%

Magnit

162,804

20.3%

168,282

20.7%

168,397

21.3%

Convenience Stores

128,971

21.4%

134,221

22.8%

133,421

22.4%

Supermarkets

18,914

9.2%

18,950

8.8%

18,479

10.2%

Drogerie Stores

14,108

28.8%

14,329

19.7%

15,747

27.9%

Other formats

811

-11.1%

782

-1.5%

750

-1.0%

DIXY

25,969

n/a

27,078

n/a

26,492

n/a

Convenience Stores

24,740

n/a

25,824

n/a

25,316

n/a

Supermarkets

1,229

n/a

1,254

n/a

1,176

n/a

 

 

2Q and 1H 2022 Store Openings

 

 

2Q 2022

2Q 2021

Change

Change, %

1H 2022

1H 2021

Change

Change, %

Store Openings (Gross)

194

519

-325

-62.6%

851

926

-75

-8.1%

Magnit

188

519

-331

-63.8%

837

926

-89

-9.6%

Convenience Stores

154

308

-154

-50.0%

613

549

64

11.7%

Supermarkets

3

1

2

200.0%

3

2

1

50.0%

Drogerie Stores

31

210

-179

-85.2%

221

375

-154

-41.1%

DIXY

6

n/a

n/a

n/a

14

n/a

n/a

n/a

Convenience Stores

6

n/a

n/a

n/a

14

n/a

n/a

n/a

Supermarkets

0

n/a

n/a

n/a

0

n/a

n/a

n/a

Store Closures

68

75

-7

-9.3%

197

146

51

34.9%

Magnit

46

75

-29

-38.7%

87

146

-59

-40.4%

Convenience Stores

26

58

-32

-55.2%

55

112

-57

-50.9%

Supermarkets

4

3

1

33.3%

6

3

3

100.0%

Drogerie Stores

16

14

2

14.3%

26

31

-5

-16.1%

DIXY

22

n/a

n/a

n/a

110

n/a

n/a

n/a

Convenience Stores

13

n/a

n/a

n/a

100

n/a

n/a

n/a

Supermarkets

9

n/a

n/a

n/a

10

n/a

n/a

n/a

Store Openings (Net)

126

444

-318

-71.6%

654

780

-126

-16.2%

Magnit

142

444

-302

-68.0%

750

780

-30

-3.8%

Convenience Stores

128

250

-122

-48.8%

558

437

121

27.7%

Supermarkets

-1

-2

1

-50.0%

-3

-1

-2

200.0%

Drogerie Stores

15

196

-181

-92.3%

195

344

-149

-43.3%

DIXY

-16

n/a

n/a

n/a

-96

n/a

n/a

n/a

Convenience Stores

-7

n/a

n/a

n/a

-86

n/a

n/a

n/a

Supermarkets

-9

n/a

n/a

n/a

-10

n/a

n/a

n/a

Supermarkets

-1

n/a

n/a

n/a

 

 

 

 

 


LFL calculation base includes Magnit stores, which have been operating for 12 months since its first day of sales. LFL sales growth and average ticket growth are calculated based on sales turnover including VAT. Dixy stores will be added to the LFL panel after full 12 months of operations since consolidation

Excluding Dixy stores. Dixy stores will be added to the LFL panel after full 12 months of operations after consolidation

Convenience Stores include convenience stores and small pilots such as Magnit City and My Price discounters

Supermarkets include Magnit Family supermarkets and Magnit Extra superstores

Drogerie Stores include five cosmetics stores opened in Uzbekistan in 2022

Other Formats include pharmacies and stores located at Russian Post offices

Supermarkets include Megamart and Minimart stores

Excluding VAT

Net retail sales of the last four quarters divided by the average selling space at the end of the last five quarters (excluding Dixy)

This section is based on Magnit e-commerce services excluding Dixy

The Company included Dixy branded stores into LFL panel starting from July 22, 2022, after full 12 months of operations



ISIN: US55953Q2021
Category Code: MSCU
TIDM: MGNT
LEI Code: 2534009KKPTVL99W2Y12
OAM Categories: 2.2. Inside information
Sequence No.: 177578
EQS News ID: 1407633

 
End of Announcement EQS News Service

fncls.ssp?fn=show_t_gif&application_id=1407633&application_name=news&site_id=research_pool
EN
28/07/2022

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Reports on Magnit PJSC Sponsored GDR RegS

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Magnit reports 38.2% total sales growth (19.1% adjusted for the Dixy a...

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Magnit has notified the Custodian of the need to conduct automatic con...

MAGNIT PJSC (MGNT) Magnit has notified the Custodian of the need to conduct automatic conversion of its GDRs 18-Aug-2022 / 18:00 MSK Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.     MAGNIT HAS NOTIFIED THE CUSTODIAN of the need to conduct automatic conversion of its gdrs   Krasnodar, Russia (August 18 2022): Magnit PJSC (MOEX and LSE: MGNT; Magnit, the Company), one of Russia’s leading retailers, announces that on August 18, 2022 it has notified CB JP Morgan International LLC (“Cus...

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Magnit reports 38.7% total sales growth (19.7% adjusted for Dixy acqui...

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 PRESS RELEASE

Update on amendments of the procedure for conversion of global deposit...

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