Russia Retailer Dixy Group Leads Micex Drop as Growth Target Cut

OAO Dixy Group, Russia’s third-largest food retailer, led declines on the benchmark stock index after profit missed analyst estimates and the company cut its 2013 expansion plan.

Dixy fell as much as 5.2 percent, the most in a week, and traded down 3.1 percent at 390.50 rubles at 3:45 p.m. in Moscow. Russian benchmark Micex index slipped 0.1 percent.

Billionaire Igor Kesaev’s Dixy reported a 1.4 percent decline in fourth-quarter earnings before interest, taxes, depreciation and amortization to 2.22 billion rubles ($71 million), while its Ebitda margin slid to 5.5 percent from 6.6 percent a year earlier. Dixy will open 380 new stores this year compared with an earlier target of 400 and may boost sales 25 percent versus a range of 25 percent to 28 percent guided previously, according to the company’s press service.

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