July 23, 2014 / 12:25 PM / 3 years ago

Russia's Magnit raises full-year guidance

MOSCOW, July 23 (Reuters) - Russia’s biggest food retailer Magnit expects sales to grow 26-29 percent this year, its chief executive Sergei Galitsky said on Wednesday, revising his previous forecast which implied growth in a 22-24 percent range.

Magnit also lifted its forecast for 2014 margin on the basis of earnings before interest, taxation, depreciation and amortisation (EBITDA) to 10.6-10.9 percent from 10.5 percent earlier, Galitsky said on a conference call. (Reporting by Olga Sichkar; Writing by Maria Kiselyova; Editing by Lidia Kelly)

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