Retailer “Magnit” in Q1 2022 received 10.905 billion net profit against 10.875 billion a year earlier (IAS 17 figures).

EBITDA of “Magnit” increased by 36.1% to 37.662 billion rubles, the profitability of this indicator amounted to 6.9% against 7% a year earlier.

Revenue increased by 37.7% to 547.708 billion rubles, Magnit said in a statement.

Profit indicators generally coincided with the consensus forecast (10.6 billion rubles in net profit, 37.6 billion rubles in EBITDA, 6.9% EBITDA margin), revenue was slightly higher than forecast (545.1 billion rubles).

Magnit’s comparable (LfL) sales grew by 12%.

The growth of the indicator was mainly due to an increase in the average check (by 11.1%), as well as an increase in customer traffic (by 0.8%).

Against the background of growth in comparable sales and expansion of retail space (by 21.4%) retail revenue retailer increased by 37.9% to 534.824 billion rubles. Excluding Dixie Group, which Magnit bought last July, the retailer’s revenue increased by 18.8% to 460.746 billion rubles (Dixie’s revenue for the first quarter amounted to 74.078 billion rubles), and retail space increased by 10.5%.

Retail revenue growth continued to outpace the growth in selling space due to further improvement in sales density, the retailer noted.

“Magnit” in Q1 2022 increased online sales (GMV) 10.6 times to 9.2 billion rubles, including VAT, from 0.9 billion rubles a year earlier. The average number of orders per day increased 9.6 times to 91.297 thousand. At the end of March, the number of orders per day exceeded 100 thousand.

The average check increased by 1.4% year-on-year to RUB 1,116 thousand including VAT and was 2.7 times higher than the average check in the retailer’s neighborhood stores (RUB 413 in Q1). The growth was mainly due to an increase in the number of goods in the basket.

“Magnit” – the largest by number of stores and the second largest retailer in Russia by revenue. At the end of March, the company had 26.605 thousand stores under management. Magnit’s revenue in the first quarter increased by 37.7% to 547.7 billion rubles.