Magnit - EBITDA 12% Below Consensus in 1Q19 on Opex Spike
Magnit has reported its 1Q19 IFRS results today. The top line was up 10.1% y-o-y to R319.0 bln, with a 0.6% increase in LFL sales (amid a 4.2% ticket increase on accelerated inflation but a 3.5% traffic decrease). February saw the weakest retail growth of 7.3%, while growth was around 9.6% in both January and March. This contrasts with what was seen for X5 Retail Group, for which the highest sales growth came in February. On top of that, wholesale revenues doubled to R6.6 bln, mainly due to the consolidation of SIA.Magnit is a holding company. Through its subsidiaries, Co. operates in the retail and distribution of consumer goods under the Magnit name. Co.'s retail operations are operated through convenience stores, cosmetic stores, hypermarkets and other. Most of its stores are located in the Southern, Central and Volga regions. Co. also operates stores in the North-Western, North-Caucasian, Urals and Siberian regions. As of Dec. 31 2014, Co.'s stores chain consisted of 9,711 stores: 8,344 convenience stores, 190 hypermarkets, 97 Magnit Family stores and 1,080 drogerie stores in 2,108 cities and towns throughout the Russian Federation.
Sberbank CIB Investment Research is a research firm offering equity, fixed income, economics, and strategy research. It covers analysis on all aspects of Russia’s capital markets, issues and industries. The firm analyzes trends in Russia and combines local knowledge with a global perspective. It processes macroeconomic data, market and company-specific news, stock quotes and other information for providing research reports. The firm provides details and latest prices on the most traded names and most traded paper on all segments Russian market. In strategy research, it provides thematic research, tips and descriptions of the methodology used to evaluate companies.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.