Based in Krasnodar, Russia, Magnit is a holding company for a group of entities that operate in retail trade under the Magnit brand. The chain of Magnit stores is one of the leading operators on Russia’s food retail market. As of December 31, 2008, the chain consisted of 2,565 convenience stores and 14 hypermarkets in 856 locations in the country.
Around two thirds of the company’s stores are located in cities with a population of less than 500,000. Most of its stores are located within the Southern, Central and Volga federal districts. Magnit also operates stores in the Northwest, Urals and Siberian federal districts.
As end 2008, the company operated an in-house logistics system consisting of nine distribution centers, employing automated stock replenishment systems and a fleet of 1,165 vehicles.
Magnit’s unaudited 9m08 IFRS consolidated financials showed revenues of around $3,881 mln and EBITDA of some $265 mln.