OJSC “Company “M.video” (RTS, MICEX: MVID), Russia’s largest consumer electronics retailer by revenue, announced today its unaudited sales, like-for-like sales (LfL) and expansion results for the 9 months and 3rd quarter of 2014.
9m 2014 Highlights:
- Sales increased by 3.5% to 125 billion Russian rubles (RUB), with VAT;
- Like-for-like sales were (2%) as compared to 9m 2013;
- Online based sales grew by 76%
- 28 new stores opened, selling space increased to 617,000 sq. m.
Q3 2014 Highlights:
- Sales increased by 1.7% to 43.2 billion RUB, with VAT;
- Like-for-like sales were (2%) as compared to Q3 2013.
In 9m 2014 M.video sales reached 125 billion Russian rubles (RUB), including VAT, demonstrating a 3.5% growth as compared to 9m 2013. The Company’s LfL sales in 9m 2014 were (2%) year-on-year.
M.video’s online based sales in 9m 2014 (orders from Company’s online, including home delivery to customers + pick-up in stores) increased by 76% to almost 10 billion RUB (with VAT), as compared to 5.6 million RUB in 9m 2013.
In Q3 2014 M.video sales increased by 1.7% and LfL sales were (2%) versus Q3 2013.
M.video opened 28 new stores in 9m 2014 while closed 3 stores. The total number of the Company’s stores increased to 358 in 153 cities. The selling space of M.video stores amounted to 617,000 sq. m and the total space amounted to 830,000 sq. m, demonstrating a 6% increase as compared to FY 2013 results.
Alexander Tynkovan, President and CEO of OJSC “Company “M.video”, said: “We continue to see excellent results in our online based sales growth now representing 8% of the overall sales. Our “online sales, pick-up in store” growth continues to demonstrate that our customers want to visit our conveniently located stores. The Omni-Channel success is dependent upon a great store network along with an easy to use web platform, which is exactly the M.video model.”
He also added : “We have opened 28 stores in 9m 2014 and will upgrade our guidance to 40 stores for the full year.”
Summary of the 9 months and 3rd quarter 2014 performance:
Sales
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| 9m2014 | 9m2013 | % change y-o-y | Q3 2014 | Q3 2013 | % change y-o-y | |||
RUB million, with VAT | 124,937 | 120,720 | 3.5% | 43,159 | 42,436 | 1.7% | |||
RUB million, without VAT | 105,879 | 102,305 | 36,575 | 35,963 | |||||
Online Based Sales (Home delivery + Pickup)
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| 9m 2014 | 9m 2013 | % change y-o-y | ||||||
RUB million, with VAT | 9,841 | 5,599 | 76% | ||||||
RUB million, without VAT | 8,340 | 4,745 | |||||||
LfL Sales Performance*
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| 9m 2014 LfLDynamics, % | Q3 2014 LfLDynamics, % | |||||||
Russian rubles | (2%) | (2%) | |||||||
Expansion
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| As of 30 September 2014 | As of 31 December 2013 | New 9m 2014 | % change | |||||
Stores | 358 | 333 | 25** | 7.5% | |||||
Selling space, sq. m | 617,000 | 582,500 | 34,500** | 6% | |||||
Total space, sq. m | 830,000 | 785,000 | 45,000** | 6% | |||||
* - LfL data is based upon a comparison of stores opened at January 1, 2013 and not closed for more than two weeks or permanently, or expanded or downsized by >20% of total space.
** - net of closing 3 stores in 9m 2014.