OJSC “Company “M.video” (RTS, MICEX: MVID), Russia’s leading consumer electronics retailer, announced today its unaudited sales, like-for-like sales (LfL) and expansion results for the full year and the 4th quarter of 2013.
FY 2013 Highlights:
- Sales increase of 11%
- Like-for-like sales 1%
- Online sales (home delivery) increase 36%
- 40 new stores, selling space of 582.5K sq. m
Q4 2013 Highlights:
- Sales growth of 8%
- Like-for-like sales (1.8%)
- 17 new stores, selling space of 21.5K sq. m added
In FY 2013 M.video sales reached 175 billion Russian rubles (RUB), including VAT, demonstrating a 11% growth as compared to FY 2012. The Company’s LfL sales in FY 2013 increased by 1% year-on-year. M.video on-line sales grew by 36% in 2013 to almost 6 billion RUB, including VAT.
In Q4 2013 M.video sales increased by 8% as compared to Q4 2012 while LfL sales showed (1.8%) versus Q4 2012.
In the high season of December 2013 M.video sales remained flat as compared to December 2012.
M.video opened 40 new stores in 2013 (17 new stores in Q4 2013), while closing 3 stores. The total number of the Company’s outlets reached 333 stores as of December 31st, 2013 located in 144 cities of Russia. The selling space of M.video stores amounted to 582,500 sq. m, while the total space amounted to 785,000 sq. m as of December 31st, 2013, demonstrating a 8.5% increase compared to FY 2012 results.
Alexander Tynkovan, President and CEO of OJSC “Company “M.video”, said: "In 2013 M.video opened 40 new stores and launched the internet sales capabilities in 35 new cities enabling our Omni proposition in to be available in the largest 52 cities where we have presence in Russia. This allowed us to expand Pick-up in Store service offer to customers in various regions and support a constant growth of the overall online based transactions within our network”.
He also commented on 2013 sales results which “were impacted by a softer market in the 4th quarter, particularly in the regions where we saw consumer confidence weakening while Moscow and St. Petersburg continued to perform strongly. We are confident that our Omni strategy rollout will continue to provide us with increased market share as we give our customers the best shopping experience. We’re also looking forward to opening 30 new stores under M.video banner in 2014”.
Summary of the 12 months and the 4th quarter 2013 performance:
Sales (including online)*
| |||||||||
| FY 2013 | FY2012 | % change y-o-y | Q4 2013 | Q4 2012 | % change y-o-y | |||
175,058 | 157,640 | 11% | 54,338 | 50,328 | 8% | ||||
RUB million, without VAT | 148,354 | 133,593 | 46,049 | 42,651 | |||||
Online Sales (home delivery only)
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| FY 2013 | FY2012 | % change y-o-y | ||||||
RUB million, with VAT | 5,932 | 4,364 | 36% | ||||||
RUB million, without VAT | 5,027 | 3,698 | |||||||
LfL Sales Performance**
| |||||||||
| FY 2013 LfLDynamics, % | Q4 2013 LfLDynamics, % | |||||||
Russian rubles | 1% | (1.8%) | |||||||
Expansion
| |||||||||
| As of 31 December 2013 | As of 31 December 2012 | New 2013*** | % change | |||||
Stores | 333 | 296 | 37 | 12.5% | |||||
Selling space, sq. m | 582,500 | 537,000 | 45,500 | 8.5% | |||||
Total space, sq. m | 785,000 | 723,000 | 62,000 | 8.5% | |||||
* - comparative FY 2012 numbers are based on the reported audit results.
** - LfL data is based upon a comparison of stores open at January 1, 2012 and not closed for more than two weeks or permanently, or expanded or downsized by >20% of total space (internet store sales included).
*** - net of closing 3 stores