MOSCOW, April 21 Russia's second-biggest food
retailer by revenue, Magnit, said on Friday its
first-quarter net profit dropped and sales growth tumbled,
highlighting a widening gap in its performance relative to
market leader X5 Retail Group.
* Net profit amounted to 7.5 billion roubles ($133
million)in January-March, down from 8.2 billion roubles in the
first quarter of 2016, Magnit said in a statement.
* Net sales grew 4.6 percent to 267 billion roubles, as it
opened 250 stores, increasing its selling space by 13.8 percent.
* Net retail sales rose 3.98 percent to 264.6 billion
roubles, which is around 10 percent less than the first-quarter
result of X5 Retail Group.
* X5 overtook Magnit as the leading Russian retailer in the
fourth quarter of 2016, when it was 3 percent above Magnit in
terms of sales.
* Magnit said the increased selling space was largely offset
by a 4.8-percent year-on-year decline in like-for-like sales.
* Like-for-like traffic was down 4.6 percent and
like-for-like average ticket was down 0.1 percent year on year,
due to competitive pressures and low inflation.
* Earnings before interest, taxation, depreciation and
amortisation (EBITDA) grew 6.1 percent to 21 billion roubles.
* EBITDA margin increased to 7.86 percent from 7.75 percent
in Q1 2016.
* The company has said earlier it would not sacrifice profit
margins for sales as it forecast full-year 2017 sales growth in
a 9-13 percent range.
* Shares in Magnit fell 1.2 percent in early trade in Moscow
to 9,002 roubles.
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(Reporting by Maria Kiselyova; editing by Alexander Smith)