CEO and co-owner of the largest retail chain in Russia Magnit Sergej Galitskiy reduced from 37,05% to 36,52% its shares of participation, stated in the company’s public corporate disclosure.
It is also stated that Mr Galitskiy intends to further decrease its shares of participation gradually about 1-1.5% per year. In any case, this will not have an immediate financial effect on one of the leaders in commercial retail in Russia. Magnit is still topping the retail ranking with X5 Group, Russian food retailer.
Magnit is Russia’s largest food retailer. The company was founded in 1994 by Sergey Galitsky. By the end of 2014, the retail chain has had more than 2 thousand groceries all around Russia.
The revenue for 2014 increased by 31.7% up to 763.5 billion rubles, net profit grew to 47.375 billion rubles. Company’s gross margin for 2014 increased from 28.51 to 28,88%.
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