OJSC “Company “M.video” (RTS, MICEX: MVID), Russia’s leading consumer electronics retailer, announced today its sales, like-for-like sales (LfL) and expansion results for the full year and the 4th quarter of 2012.
FY 2012 Highlights:
- Sales increase of almost 20%
- Like-for-like sales growth of 9.3%
- On-line sales increased 56%
- 42 new stores opened, selling space reached 537K sq. m,
Q4 2012 Highlights:
- Sales growth of 12%
- Like-for-like increased 1%
- 14 new stores opened, selling space of 22K sq. m added
In FY 2012 M.video sales reached 158 billion Russian rubles (RUB), including VAT, demonstrating a 20% growth as compared to FY 2011. The Company’s LfL sales in FY 2012 increased by 9.3% year-on-year. M.video on-line sales grew by 56% in 2012 to 4.4. billion RUB, including VAT.
In Q4 2012 M.video sales increased by 12% as compared to Q4 2011 while LfL sales grew by 1% versus Q4 2011. The L4L compares to a very high base from Q4 2011.
In the high season of December 2012 M.video sales grew by 9% to 25.4 billion RUB from 23.3 billion RUB in December 2011. The LfL sales in December 2012 were flat compared to December 2011, also because of the very high 2011 base.
M.video opened 42 new stores in 2012 (14 new stores in Q4 2012), while closing 7 stores. The total number of the Company’s outlets reached 296 stores as of December 31st, 2012 located in 127 cities of Russia. The selling space of M.video stores amounted to 537,000 sq. m, while the total space amounted to 723,000 sq. m as of December 31st, 2012, demonstrating an 11% increase compared to FY 2011 results.
Alexander Tynkovan, President and CEO of OJSC “Company “M.video”, said: "It was another good year for M.video with our internet growth at 56%, adding local internet sales capabilities to 16 cities, in addition to Moscow, and our opening of 42 new stores. In 2012 we continued to fund our investments with cash generated by the business and paid out annual dividend third consequent year as well as record extra dividend”.
He also commented: “We are encouraged with our Omni Channel developments in 2012 and looking forward to opening 35 new stores as well as 20 new on-line sites under M.video banner in 2013”.
Summary of the 12 months and the 4th quarter 2012 performance:
Sales Performance (including on-line)*
| |||||||||
| FY 2012 | FY2011 | % change y-o-y | Q4 2012 | Q4 2011 | % change y-o-y | |||
157,919 | 132,086 | 20% | 50,328 | 44,906 | 12% | ||||
RUB million, without VAT | 133,830 | 111,937 | 42,651 | 38,056 | |||||
On-line Sales Performance
| |||||||||
| FY 2012 | FY2011 | % change y-o-y | ||||||
RUB million, with VAT | 4,364 | 2,805 | 56% | ||||||
RUB million, without VAT | 3,698 | 2,377 | |||||||
LfL Sales Performance**
| |||||||||
| FY 2012 LfLDynamics, % | Q4 2012 LfLDynamics, % | |||||||
Russian rubles | 9.3% | 1% | |||||||
Expansion
| |||||||||
| As of 31 December 2012 | As of 31 December 2011 | New 2012*** | % change | |||||
Stores | 296 | 261 | 35 | 13% | |||||
Selling space, sq. m | 537,000 | 482,000 | 55,000 | 11% | |||||
Total space, sq. m | 723,000 | 650,000 | 73,000 | 11% | |||||
* - comparative FY 2011 numbers are based on the reported audit results.
** - 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 (internet store sales included).
*** - net of closing 7 stores