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...Covering more bases Magnit launched Moya Tsena and aims to open 200 stores by the end of the year....
...Ms Naumova left in June 2019, when Magnit’s profits were down 45 per cent year on year....
...The sluggish growth and a rise in operating expenses saw Magnit’s earnings before interest, debt, tax, and amortisation fall 6.6 per cent year-on-year to Rbs19.1bn....
...Lenta said on Friday that its independent directors had asked Magnit to provide “clarity around the timing, conditionality and deliverability of any such transaction and precisely what Magnit is proposing...
...Last month, Magnit hired former Lenta chief executive Jan Dunning as president, creating the role which comes above Ms Naumova....
...Magnit’s stock rose 4 per cent on the Moscow exchange after the news....
...The stock fell about 10 per cent on the Moscow exchange after Magnit’s capital markets day last month....
...Magnit also began a Rbs16.5bn share buyback programme earlier this month....
...Magnit founder Sergei Galitsky, who built Magnit into Russia’s biggest food retailer from his southern hometown of Krasnodar, then saw it cede ground to X5 in recent years as its stock price plummeted, shocked...
...Russian state bank VTB has bought 29.1 per cent of leading supermarket chain Magnit from founder Sergei Galitsky for Rbs138bn ($2.45bn), the companies said on Friday....
...Magnit failed to pay dividends for 2017 after its net profit fell a third to Rbs35.53bn. “The impetus was that investors don’t quite see [Magnit’s] future like the founder does....
...Yet, like Magnit, Krasnodar went under the radar....
...Magnit, our biggest customer, had just had its initial public offering....
...“When Magnit comes along and they find they can’t compete, they often end up letting the store to Magnit and actually make more money from that than working hard to compete against Magnit,” he says....
...The next largest position is 7.9 per cent in discount retailer Magnit who reported growing third quarter sales with increasing profit margins despite the government’s ban on food imports....
...Two US-listed exchange traded funds tracking the broad Russian market, smaller Russian companies as well as retailers Dixy and Magnit were targets for hedge funds....
...as Mark Mobius at Templeton and Justin Leverenz at Oppenheimer, he notes, have seen the crisis as an opportunity to pick up high-quality companies at bargain prices: For Mr Leverenz, that means Yandex, Magnit...
...The likes of supermarket group Magnit are well placed to tap into its demand for goods and services. Domestic growth is slowing, however....
...In the race for this piece of the pie, Magnit is still in pole position. “Magnit is the safest name because it’s a low-end grocery retailer,” says Boris Vilidnitsky, an analyst at Barclays....
...A Siberian retailer that began selling mid-priced shoes in Russian regions a decade ago is growing so fast that there is local talk of the company becoming “the Magnit of footwear”....
...But with Q4 revenues up to Rbs129bn vs X5′s Rbs134bn, Magnit is closing in....
...X5 is the biggest Russian retailer by sales, while Magnit is the biggest by market capitalisation. The rise in Magnit’s share price has been backed by strong fundamentals....
...Magnit, Russia’s second biggest food retailer, has decided to diversify into market gardening in a move that might test its reputation for good logistics....
...Listed companies to watch include M.Video, the consumer electronics chain, and Russian food retailers such as Magnit and X5....
...Magnit is positioned to put up a good fight, says Evstrakenkov. “They have better logistics.” If sales growth falters, Magnit may look at other areas including online food sales and agriculture....
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