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Magnit reports 9.6% total sales growth, 5.2% LFL -2-

DJ Magnit reports 9.6% total sales growth, 5.2% LFL sales growth and 7.1% EBITDA margin in 2Q 2021

MAGNIT PJSC (MGNT) 
Magnit reports 9.6% total sales growth, 5.2% LFL sales growth and 7.1% EBITDA margin in 2Q 2021 
29-Jul-2021 / 09:59 MSK 
Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 
(MAR), transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
=---------------------------------------------------------------------------------------------------------------------- 
 
 
 
Magnit Reports 9.6% total sales growth, 5.2% LFL Sales Growth and 7.1% EBITDA margin in 2Q 2021 
 
 
Krasnodar, Russia (July 29, 2021): Magnit PJSC (MOEX and LSE: MGNT; the Company), one of Russia's leading retailers, 
announces its 2Q and 1H 2021 operational and unaudited financial results. 
 
 
 
       2Q 2021 Key Operational and Financial Highlights 
 
        - Total revenue increased by 9.6% y-o-y to RUB 424.3 billion; 
9.6%      - Net retail sales reached RUB 413.7 billion increasing 9.1% y-o-y; 
        - LFL[1] sales growth of 5.2% driven by 10.0% traffic growth and 4.4% reduction in average ticket; 
TOTAL REVENUE 
growth 
        - The Company opened 519 stores on gross basis (308 convenience stores, one supermarket and 210 
         drogeries). As part of the Company's ongoing efficiency improvement campaign, 75 stores were closed 
5.2%       resulting in a net store addition of 444. As of June 30, 2021 the total store base was 22,344; 
        - Selling space increase of 142 thousand sq. m. bringing total selling space to 7,748 thousand sq. m. 
lfl sales     (6.3% y-o-y growth); 
growth     - The Company redesigned 143 stores (131 convenience stores and 12 supermarkets). As at June 30, 2021, 
         74% of convenience stores, 34% of supermarkets and 59% of drogeries are either new or refurbished; 
        - Gross profit increased by 5.5% y-o-y to RUB 99.5 billion with a margin of 23.4% as a result of better 
         promo margin, lower shrinkage and favorable format mix partially offset by slightly higher supply 
         chain costs and promotional share; 
 
7.1%      - EBITDA was RUB 30.3 billion with a 7.1% margin driven by gross margin dynamics and strict cost 
         control; 
EBITDA margin  - Net income of RUB 12.1 billion with a margin of 2.8%. 
 
 
       "Despite the strong comparable performance last year we delivered a very good set of results for the 
«       second quarter. Sales growth accelerated across all formats, underpinned by further growth in LFL sales 
       and rapid expansion. I am pleased to see mature stores as a key driver of these improvements. 
 
 
 
       Consumer behavior and shopping patterns are now normalizing. Since June we have seen healthy LFL 
       performances, with positive ticket and traffic development. Magnit continues gaining market share, and 
       our engagement with existing customers is positive, reflected by increased frequency, increased spend per 
       visit and 'trading up' behaviours. 
 
       In delivering a 7.1% EBITDA margin with sustainable q-o-q improvement we are on track to perform in line 
       with our strategy both this year and beyond, having already made excellent progress as evidenced by 
Jan Dunning  improvements across margin and working capital cycle as well as very comfortable levels of leverage 
       already achieved. 
Magnit's 
President 
and CEO    Continuous improvement of sales densities, sustainable margins, better cash generation and flexible 
       financial position allowed us to speed up organic expansion and take advantage of a unique and 
       value-accretive M&A opportunity through the acquisition of Dixy. This is a strategically important 
       transaction for Magnit that dramatically changes our market positioning. Integration of such large 
       business and extraction of synergies will, of course, take time and effort, however, our ambitious 
       long-term targets remain unchanged and may be achieved even a bit earlier". 
» 
 
 
 
50 
RUB billion 
total amount 
of dividends 
announced 
for 2020 
       Key events in 2Q 2021 and after the Reported Period 
        - Magnit completed its strategic acquisition of the DIXY retail chain comprising 2,477 stores in Russia 
         significantly strengthening competitive positions in the Moscow and St. Petersburg markets; 
        - A new Board of Directors consisting of nine members, including five independent non-executive 
         directors, were elected at the Company's AGM. For the fourth consecutive year Charles Ryan was 
         elected a Chairman of the Board of Directors; 
        - The Board called an EGM with a view to increasing the size of the Board of Directors from 9 to 11 
         members; 
        - Magnit announced FY 2020 dividends of c. RUB 25 billion or RUB 245.31 per one ordinary share bringing 
         the total dividend payment to RUB 50 billion (RUB 490.62 per ordinary share), which is 61% higher 
         than in the previous year; 
        - Two issues of the exchange-traded bonds in a value of RUB 10 billion each with an interest rate of 
         7.05% per annum were placed on MoEx. Analytical Credit Rating Agency ACRA assigned credit rating AA 
         (RU) to each bond issue; 
        - Magnit increased its discounter pilot to 76 stores and reported 20-30% LFL sales growth across 
         discounter stores converted from convenience stores; 
        - Magnit continued developing its super app and became the first retailer in Russia to introduce a 
         Credit Broker online service; 
        - Magnit launched its own delivery service from Magnit Cosmetic stores and superstores across numerous 
         regions; 
        - Magnit and Wildberries launched express delivery partnership. 
 
76 
hard 
disounters in 
operation 
 
 
 
 2Q and 1H 2021 Operating Results 

Retail Sales

2Q 2021 2Q 2020 Change Change, % 1H 2021 1H 2020 Change Change, % 
Total Net Retail Sales, million RUB 413,693 379,174 34,519 9.1%   801,592 743,959 57,634 7.7% 
Convenience Stores[2]        324,476 295,796 28,680 9.7%   624,418 575,591 48,827 8.5% 
Supermarkets[3]           51,513 49,992 1,521 3.0%   101,628 100,955 673  0.7% 
Drogerie Stores           35,240 30,876 4,365 14.1%   70,252 62,282 7,970 12.8% 
Other Formats[4]          2,464  2,511  -47  -1.9%   5,295  5,131  163  3.2% 
Number of Tickets, mln       1,243  1,092  151  13.8%   2,346  2,287  59   2.6% 
Convenience Stores         1,051  920   132  14.3%   1,974  1,922  52   2.7% 
Supermarkets            86   78   8   10.0%   164   168   -3   -2.0% 
Drogerie Stores           99   87   12   14.4%   193   181   12   6.5% 
Other Formats            7    7    -1   -10.6%  14   16   -1   -9.3% 
Average Ticket[5], RUB       333   347   -14  -4.2%   342   325   16   5.0% 
Convenience Stores         309   322   -13  -4.0%   316   300   17   5.6% 
Supermarkets            602   643   -41  -6.4%   618   602   17   2.8% 
Drogerie Stores           356   356   -1   -0.2%   364   344   20   5.9% 
Other Formats            356   326   30   9.2%   357   315   42   13.3% Stores and Selling Space 
                    2Q 2021 2Q 2020 Change Change, % 1H 2021 1H 2020 Change Change, % 
Number of Stores (EOP)         22,344 20,894 1,450 6.9%   22,344 20,894 1,450 6.9% 
Convenience Stores           15,348 14,581 767  5.3%   15,348 14,581 767  5.3% 
Supermarkets              469   472   -3   -0.6%   469   472   -3   -0.6% 
Drogerie Stores            6,527  5,841  686  11.7%   6,527  5,841  686  11.7% 
Store Openings (Net)          444   34   410  n/a    780   169   611  361.5% 
Convenience Stores           250   -13   263  n/a    437   -41   478  n/a 
Supermarkets              -2   0    -2   n/a    -1   -1   0   0.0% 
Drogerie Stores            196   47   149  317.0%  344   211   133  63.0% 
Total Selling Space (EOP), th. sq.m  7,748  7,290  458  6.3%   7,748  7,290  458  6.3% 
Convenience Stores           5,275  4,956  320  6.4%   5,275  4,956  320  6.4% 
Supermarkets              943   944   -1   -0.1%   943   944   -1   -0.1% 
Drogerie Stores            1,500  1,350  151  11.2%   1,500  1,350  151  11.2% 
Other formats             30   41   -11  -26.9%  30   41   -11  -26.9% 
Selling Space Addition (Net), th. sq.m 142   14   129  n/a    252   52   200  n/a 
Convenience Stores           106   4    102  n/a    186   4    182  n/a 
Supermarkets              -1   -3   3   n/a    1    -5   6   n/a 
Drogerie Stores            40   11   29   n/a    72   47   25   n/a 
Other formats             -4   2    -5   n/a    -8   5    -13  n/a 2Q and 1H 2021 LFL Results 
          2Q 2021           1H 2021 
          Average Ticket Traffic Sales Average Ticket Traffic Sales 
Total       -4.4%     10.0%  5.2% 4.7%      0.0%  4.7% 
Convenience Stores -4.4%     10.5%  5.7% 5.1%      0.2%  5.3% 

(MORE TO FOLLOW) Dow Jones Newswires

July 29, 2021 02:59 ET (06:59 GMT)

DJ Magnit reports 9.6% total sales growth, 5.2% LFL -2-

Supermarkets    -6.5%     9.1%  2.0% 2.5%      -1.8%  0.7% 
Drogerie Stores  -0.7%     6.2%  5.5% 5.5%      -0.6%  4.9% 
 
       Trading Performance 
 
 
4.6% 
       Total sales in 2Q 2021 grew by 9.6% y-o-y to RUB 424.3 billion. Net retail sales grew by 9.1% y-o-y, 
LTM sales   driven by a combination of 6.3% selling space growth and 5.2% LFL sales growth. 
density[6] 
improvement 
y-o-y 
       Net retail sales growth continued to outpace selling space growth on further improvement of sales 
       densities. Overall sales densities in 2Q 2021 improved by 1.0% q-o-q and 4.6% y-o-y while in the 
       Company's main convenience store format these improved by 5.9% y-o-y. 
 
 
 
       LFL sales growth accelerated from 4.1% in the previous quarter to 5.2% in 2Q 2021 predominantly driven by 
       the strong performance of mature stores. 107 stores entered LFL in 2Q (including 41 convenience stores, 
       65 drogeries and 1 supermarket). Only 7% of Magnit's selling space is currently in the 'ramp-up' phase 
       with 93% already matured. 
 
93%      In the reported quarter the structure of LFL sales growth has changed compared to five previous 
       consecutive quarters. Strong LFL traffic growth driven by firstly inflow of new unique customers and then 
of selling  by rising visit frequency, became the main contributor. Magnit continued gaining customers from 
space is   traditional retail and other market players. This comparable performance peaked in end-March and started 
already    easing since April, resulting in 10.0% LFL traffic growth vs 9.4% decline in 1Q 2021. 
matured 
 
 
       LFL average ticket decreased by 4.4% due to the strong comparable performance. The only contributor to 
       the reduction in average ticket was a reduction of the average number of items per basket as consumer 
       behavior started normalizing after abnormal patterns and strong forward buying during periods of 
       lockdown. After its peak in February, on-shelf price inflation corrected slightly and stabilised in the 
       second quarter. Ongoing trading up was another positive driver of the ticket growth. These effects were 
       observed in the beginning of the reported quarter with gradual normalization month-on-month, leading to 
       both positive LFL traffic and ticket development in June supported by trading up and healthy inflation. 
 
 
10.0% 
       A decline in the overall average ticket in April-May was again a result of a strong performance during 
lfl traffic  the prior period, however from June growth returned combined with positive y-o-y growth of customer 
growth in 2Q visits (see Appendix). 
2021 
 
 
       Acceleration of revenue and LFL sales growth versus the previous quarter was delivered despite 
       promotional share as a % of sales remaining flat compared to the previous quarter and was up y-o-y due to 
       weaker comparatives, normalizing shopping patterns and efficient seasonal promotional campaigns supported 
       by favorable weather conditions and the timing of the domestic tourist season. 
 
50 mln    During the reported quarter the number of active loyalty card users exceeded 50 million. Company-wide, 
       the share of tickets using the loyalty card was 50% with sales penetration of 65%. The loyalty program 
of loyalty  continues to deliver positive cross-format gains with sustainable growth of customers visiting 2+ store 
program    formats (41% of Magnit customer base at the end of the reporting period). 
active users 
         Store Network Development and Performance by Format 
 
 
 
         The convenience segment generated 78.4% of total net retail sales in the reported quarter. In 2Q 2021 
78.4%       Magnit accelerated its expansion program both q-o-q and y-o-y and opened (gross) 308 convenience 
         stores (94 in 2Q 2020). The Company continued its efficiency campaign and closed 58 convenience 
of total net   stores vs 107 store closures in 2Q 2020. As a result, Magnit added 250 stores (net) during the 
retail sales   reported quarter. The selling space growth of convenience stores accelerated to 6.4% y-o-y. Sales in 
generated by   the convenience format grew by 9.7% driven by LFL sales growth of 5.7% and selling space growth of 
convenience    6.4%. LFL average ticket growth was negative and stood at -4.4% against strong comparatives. LFL 
segment      traffic increased 10.5%, overcompensating negative LFL average ticket growth. 
 
         Supermarkets generated 12.5% of the Group's net retail sales in the reported quarter. During 2Q 2021 
12.5%       the Company opened one supermarket and closed three stores. Redesign program is gaining traction with 
         24 supermarkets being refurbished in 1H 2021 vs 5 in 1H 2020. The pace of redesign in the 2H 2021 is 
of total net   expected to remain intact. Selling space across this format remained almost flat y-o-y. LFL sales 
retail sales   growth reached 2.0% vs -0.7% in the previous quarter, driven by strong LFL traffic recovery to 9.1%. 
generated by   As a result, net retail sales growth of supermarkets improved to 3.0% in the reported quarter. 
supermarkets 
 
         The share of drogerie format as a proportion of the total net retail sales increased to 8.5% in the 
8.5%       reported quarter vs 8.1% a year ago. During 2Q 2021 Magnit opened (net) 196 cosmetics stores and 
         added 40 thousand sq. m. of selling space, delivering a 11.2% y-o-y increase in selling space, the 
of total net   highest across all formats. Driven by this increase in selling space and LFL sales growth of 5.5%, 
retail sales   sales grew 14.1% representing again the strongest performance across all Magnit's store formats. LFL 
generated by   average ticket growth was slightly negative at -0.7% well compensated by 6.2% LFL traffic growth. 
drogerie 
 
 
         During 2Q 2021 Magnit continued its renovation program and redesigned 131 convenience stores and 12 
         supermarkets resulting in the combined share of refurbished and new stores at: 74% for convenience 
         stores, 34% for supermarkets and 59% for the drogerie format. 
 
 
 
 
 
         E-commerce 
 
 
 
         Magnit has been testing e-commerce services since the second half of 2020. The Company currently runs 
         a number of online delivery projects, both independently and in cooperation with partners (express 
         delivery, regular delivery, e-pharma, cosmetics and partnerships). 
 
 
 
         Magnit fulfils around 15,000 orders a day. The run rate for Magnit's online channel stands at RUB 7.6 
         billion based on the last week of June. 
 
7.6        Average ticket for Magnit's own delivery service is c. RUB 1,200 including VAT which is approx. 3.4 
         times higher than in the convenience stores (RUB 353 including VAT in 2Q 2021). This is mostly due to 
RUB billion    a larger number of items per basket. 
annual GMV 
runrate 
         Magnit's e-commerce services today cover over 2,000 stores in 62 regions and 106 cities, with 61% of 
         the current revenue generated outside Moscow and St. Petersburg. By the end of 2021, the Company 
         plans to have over 4,000 stores across all formats covered by e-commerce services including Magnit's 
         own delivery and partnerships in more than 50 regions across Russia. Financial Results for 2Q and 1H 2021 (IAS 17) 
RUB mln          2Q 2021 2Q 2020 Change 1H 2021 1H 2020 Change 
Total Revenue       424,341 387,323 9.6%  822,230 763,361 7.7% 
Retail          413,693 379,174 9.1%  801,592 743,959 7.7% 
Wholesale         10,648 8,149  30.7%  20,638 19,403 6.4% 
Gross Profit       99,501 94,337 5.5%  192,571 179,522 7.3% 
Gross Margin, %      23.4%  24.4%  -91 bps 23.4%  23.5%  -10 bps 
SG&A, % of Sales     -20.4% -20.4% -2 bps -20.4% -20.5% 4 bps 
EBITDA pre LTI[7]     30,600 30,482 0.4%  58,603 53,570 9.4% 
EBITDA Margin pre LTI, % 7.2%  7.9%  -66 bps 7.1%  7.0%  11 bps 
EBITDA          30,250 30,476 -0.7%  57,928 53,220 8.8% 
EBITDA Margin, %     7.1%  7.9%  -74 bps 7.0%  7.0%  7 bps 
EBIT           17,739 18,676 -5.0%  34,695 30,137 15.1% 
EBIT Margin, %      4.2%  4.8%  -64 bps 4.2%  3.9%  27 bps 
Net Finance Costs     -2,790 -3,497 -20.2% -5,371 -7,274 -26.2% 
FX Gain/ (Loss)      634   1,005  -36.9% 444   -824  -153.9% 
Profit before Tax     15,583 16,185 -3.7%  29,768 22,039 35.1% 
Taxes           -3,509 -3,342 5.0%  -6,820 -4,995 36.5% 
Net Income        12,073 12,843 -6.0%  22,948 17,044 34.6% 
Net Income Margin, %   2.8%  3.3%  -47 bps 2.8%  2.2%  56 bps 
For 2Q and 1H 2021 financial results in accordance with IFRS 16 - see Appendix 
 
 
 
 
 
23.4% 
Gross margin 
in 2Q 2021 
 
       Total revenue in 2Q 2021 increased by 9.6% driven by net retail sales growth by 9.1% and wholesale 
       revenue increase by 30.7%. Wholesale operations accounted for 2.5% of total sales on the back of recovery 
       of HORECA consumption. 
 
       Gross Profit in 2Q 2021 increased by 5.5% y-o-y to RUB 99.5 billion with a margin of 23.4% as a result of 
       better promotional margin, lower shrinkage and favorable format mix. This was partially offset by 
       slightly higher supply chain costs and higher penetration of Magnit's loyalty program. Format mix 
       positively impacted gross margin, with the share of Magnit's high-margin drogerie business growing to 

(MORE TO FOLLOW) Dow Jones Newswires

July 29, 2021 02:59 ET (06:59 GMT)

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