The profit of “Magnit” has decreased

Источник: The DairyNews
The second in terms of revenue retailer in Russia— Magnit — will not pay dividends to its shareholders by the results of 2017: the last time this happened seven years ago.
The decision of the trading network as well as financial performance over the past year, by the results of which the net profit of the retail company has decreased by 34.7% to 35.53 billion rubles has disappointed shareholders. Analysts attribute the incident with caution of consumers and a high share of promo actions.

The revenue of "Magnit" for 2017 was below than expected: the growth amounted to 6.37%, to 1,143 trillion rubles compared to 2016. In October 2017, the retailer predicted growth of the revenue by 8-10% in ruble terms by the results of the year. This is the slowest rate of revenue growth for the entire public history of the company. By the end of 2017, comparable sales of “Magnit” also decreased by 3.37%. Although over the past year, the network launched 2291 stores, increasing trading area by 13.56%, to 5.75 million square meters, the EBITDA value decreased by 14.86% to 91,775 billion rubles, net profit fell by 34.7%, to 35.53 billion rubles. In the fourth quarter of 2017, the network made a profit of 7,859 billion rubles, which is 41.7% lower than for the same period in 2016. After reporting quotations of the shares of "Magnit" at the London stock exchange for the day fell by 10.33%. On Friday at the close of trading the capitalization of the retailer amounted to $11,72 billion.

Source: kommersant.ru

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