Magnit reports 37.7% total sales growth (18.5% adjusted for Dixy acquisition) and 12.0% LFL sales growth in 1Q 2022
MAGNIT PJSC (MGNT)
Magnit Reports 37.7% total sales growth (18.5% adjusted for dixy acquisition) and 12.0% LFL Sales Growth in 1Q 2022
Krasnodar, Russia (April 29, 2022): Magnit PJSC (MOEX and LSE: MGNT; Magnit, the Company), one of Russia's leading retailers, announces its 1Q 2022 operational and unaudited financial results.
Consolidation of the Dixy business and changes to the reporting standards
Magnit completed the acquisition of the Dixy retail business on July 22, 2021, and subsequent performance of Dixy has been consolidated into Magnit's results. Sales and operating results of the stores under the Dixy brand are reported separately, and growth metrics will be published starting from 3Q 2022. Dixy stores are not included in the LFL panel; this will begin after full 12 months of operations following consolidation. The Dixy retail business does not form a separate segment - Magnit will continue reporting consolidated financial results for the Group.
1Q 2022 Operating Results
LFL Results[3]
Retail Sales
Stores and Selling Space
Financial Results for 1Q 2022
Financial Position Highlights (IFRS 16)
Debt Composition and Leverage
FY 2022 Guidance
The Company puts its full year 2022 guidance (published on February 4th, 2022) under review due to uncertain market environment. Store opening and redesign programmes as well as capital expenditure targets for the current year may be adjusted in the next periods. Magnit will continue developing its e-commerce services with greater focus on profitability. Updated guidance may be communicated later in the year.
Note:
APPENDIX 1Q 2022 Monthly Sales
1Q 2022 Store Openings
[1] LFL calculation base includes Magnit stores, which have been operating for 12 months since its first day of sales. LFL sales growth and average ticket growth are calculated based on sales turnover including VAT. Dixy stores will be added to the LFL panel after full 12 months of operations since consolidation [2] In 2022 the Group adjusted its accounting policy and included associated expenses on goods processing for the production of culinary offerings and other ready meals at its stores into the cost of goods sold. The management of the Group believes that these changes are aimed at appropriate reporting consistent with other market players. The above expenses were previously included in the selling, general and administrative expenses. The Group applied changes retrospectively. [3] Excluding Dixy stores. Dixy stores will be added to the LFL panel after full 12 months of operations after consolidation [4] Convenience Stores include convenience stores and small pilots such as Magnit City and My Price discounters [5] Supermarkets include Magnit Family supermarkets and Magnit Extra superstores [6] Other Formats include pharmacies and stores located at Russian Post offices [7] Supermarkets include Megamart and Minimart stores [8] Excluding VAT [9] Net retail sales of the last four quarters divided by the average selling space at the end of the last five quarters (excluding Dixy) [10] LTI - Long-Term Incentive Program [11] Inventory turnover days = ((inventories as of 31.12.2021 + inventories as of 31.03.2022)/2/cost of goods sold for 1Q 2022) x 90 |
ISIN: | US55953Q2021 |
Category Code: | MSCU |
TIDM: | MGNT |
LEI Code: | 2534009KKPTVL99W2Y12 |
OAM Categories: | 2.2. Inside information |
Sequence No.: | 158741 |
EQS News ID: | 1340167 |
End of Announcement | EQS News Service |
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