OJSC “Company “M.video” reports 77% growth of Q1 2008 retails sales.

23.04.2008 12:50

OJSC “Company “M.video” (RTS, MICEX: MVID), one of the Russia’s largest consumer electronics retailers, announced today its consolidated unaudited net retail sales and like-for-like (LfL) results for the first quarter 2008.

In Q1 2008 “M.video” group demonstrated 77% year-on-year growth in net retail sales in USD terms (63% growth in RUR terms) and 32% year-on-year growth of like-for-like sales in USD terms (22% in RUR terms).

Alexander Tynkovan, “M.video” President and CEO commented on that: “We are very pleased with our strong sales performance and growth in the first quarter of 2008. This allows us to be confident in delivering our promises to the market and achieving goals set for 2008. We reconfirm our plans to open up to 40 new stores this year while demonstrating growth of the major performance indicators in the booming Russian consumer electronics market.”

Net Retail Sales Performance*
 Q1 2008Q1 2007% change y-o-y 
USD million**63135677% 
RUR million15 2989 36663% 
LfL Sales Performance***
 LfL Growth, %   
US dollars32   
Russian rubles22   
 As of 31 March 2008As of 31 December 2007Net added in Q1 2008% change y-o-y
Total Space, sq. m335 000321 00014 0004.4%

* - net retail sales figures are exclusive of VAT
** - “M.video” group has a functional currency of Russian rubles. The US dollars are presented for convenience purpose only. The USD amounts are prepared using the weighted average exchange rates over the periods presented.
*** - LfL data is based upon a comparison of stores open at January 1, 2007 and not closed for more than two weeks or permanently, or expanded or downsized by >20% of total space.