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Russia's Magnit trims sales outlook, to pay more in dividends

Reuters - UK Focus

MOSCOW, Jan 27 (Reuters) - Russia's biggest food retailer, Magnit (MCX: MGNT.ME - news) , on Monday cut its full-year 2014 sales growth guidance, citing a lower inflation outlook, but pledged to raise its dividend payout.

"We can adjust our guidance to 22-24 percent, closer to the upper end (of the range)," Chief Executive Officer Sergei Galitskiy told a conference call. The company earlier forecast sales growth of around 25 percent this year.

Galitskiy confirmed an earlier forecast for a margin on the basis on earnings before interest, taxes, depreciation and amortisation (EBITDA) of 10.5 percent and said Magnit would increase its dividend payout to 40 percent of net profit from 30 percent previously.