Russian food retailer Magnit raises 2013 profit target
date:Sep 26, 2013
enue growth of 25 percent, in line with analysts estimates compiled by Bloomberg.

Magnit also said it plans capital spending of $1.7 billion to $1.8 billion next year, at least as much as in 2013. It plans to open 1,000 convenience stores, 80 hypermarkets and 350 cosmetics outlets next year.

Magnit fell 1.4 percent to $62 at 9:51 a.m. in London, where the stock is traded. The company overtook X5 Retail Group NV (FIVE) in March as Russias largest retailer by sales. Its market value has increase
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