M.video reports 12% sales growth in Q1 2013

18.04.2013 11:30

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 1st quarter of 2013.

Q1 2013 Highlights:

  • Sales amounted to 43.6 billion RUB (with VAT)
  • Like-for-like sales increased 2% as compared to Q1 2012
  • 9 new stores opened, selling space amounted to 544,000 sq.m.

In Q1 2013 M.video’s sales increased by 12% up to 43.6 billion RUB (with VAT), as compared to 38.9 billion RUB in the first quarter last year. The Company’s LfL sales in Q1 2013 grew by 2.2% year-on-year. M.video’s online sales in Q1 2013 increased by 69% to 1.6 billion RUB (with VAT), as compared to 953 million RUB in Q1 2012.

M.video opened 9 new stores in Q1 2013 while adding 6 new cities to its coverage; two stores were closed, one in Moscow area and one in St.Petersburg. The total number of the Company’s stores increased to 303 in 133 cities of Russia. The selling space of M.video network amounted to 544,000 sq.m while the total space amounted to 733,000 sq.m as of March 31st, 2013.

Alexander Tynkovan, President and CEO of OJSC “Company M.video”, commented: "We demonstrated solid sales performance even with the very strong numbers showed by the Company in the previous year. We believe that the consumers appreciate our pioneering Omni-Channel proposition which is clearly supported by our online sales growth by 69% in Q1. We are proud that the customers have chosen the M.video brand as the number one in the Russian consumer electronics retail”.

He added: “We continued our network expansion, opened nine stores and added six cities in this quarter and are committed to opening 35 new stores as well as 20 new Internet cities during the year”.

Summary of the Q1 2013 performance:

 

Sales Performance

 

 

Q1 2013

Q1 2012

% change y-o-y

RUB million, with VAT

43,607

38,902

12%

RUB million, without VAT

36,955

32,968

 

Online Sales Performance

 

 

Q1 2013

Q1 2012

% change y-o-y

RUB million, with VAT

1,614

953

69%

RUB million, without VAT

1,368

808

 

LfL Sales Performance*

 

 

Q1 2013 LfLDynamics

Russian rubles

2.2%

 

Expansion

 

 

As of

31 March 2013

As of

31 December 2012

New

Q1 2013

% change

Stores

303

296

7**

2.4%

Selling space, sq.m

544,000

537,000

7,000**

1.3%

Total space, sq. m

733,000

723,000

10,000**

1.3%

* - LfL data is based upon a comparison of stores open at January 1, 2011 and not closed for more than two weeks or permanently, or expanded or downsized by >20% of total space.

** - net of closing 2 stores.