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Russia's Magnit raises 2014 guidance - Interfax

Reuters - UK Focus

MOSCOW, Oct 24 (Reuters) - Russia's biggest food retailer Magnit on Friday raised its forecast for revenue growth and a core profit margin this year, after reporting strong third-quarter results, Interfax news agency reported on Friday.

According to Interfax, Sergei Galitsky, Magnit Chief Executive Officer, said he now expected full-year sales to rise 31-32 percent, compared to his previous forecast for 26-29 percent growth.

Magnit also sees 2014 margin on the basis of earnings before interest, taxation, depreciation and amortisation (EBITDA) at 11.2 to 11.4 percent, Interfax said, compared to 10.6-10.9 percent earlier. (Reporting Maria Kiselyova and Vladimir Soldatkin)