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Russia's Magnit raises 2012 sales guidance
September 17, 2012 / 6:28 AM / 5 years ago

Russia's Magnit raises 2012 sales guidance

MOSCOW, Sept 17 (Reuters) - Fast growing Russian retailer Magnit on Monday raised its full-year 2012 sales guidance to 30-32 percent from 30 percent and said growth was expected to slow down to 25-27 percent next year.

Magnit, Russia’s top grocery chain with more than 5,700 stores, also said its capital expenditure programme would total $1.6-1.7 billion this year and $1.6-1.8 billion in 2013.

This year’s margin on the basis of earnings before interest, taxation, depreciation and amortisation (EBITDA) is seen at 9.0-9.5 percent, the company said in a statement.

The company said in July it would keep expanding aggressively next year, with preliminary capex guidance at $1.8-2.0 billion.

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