OJSC "Company "M.video" (RTS, MICEX: MVID), Russia's largest consumer electronics retailer, announced today its unaudited retail sales, like-for-like sales (LfL) and expansion results for the 1st half and 2nd quarter of 2011.
H1 2011 Highlights:
- Retail sales increased by almost 34% to 55 billion Russian rubles (RUB), with VAT;
- Like-for-like sales increased by 11%;
- Net cash position amounted to 1.6 billion RUB as of June 30, 2011;
- 15 new stores opened, total space increased to 592,500 sq.m.
In Q2 2011 M.video retail sales increased by 34.5% and LfL sales were 11.4% positive versus Q2 2010.
M.video opened 15 new stores in H1 2011 (6 new stores in Q2 2011) while closed 2 stores. The total number of the Company's outlets reached 232 stores as of June 30th, 2011. The total space of M.video stores amounted to 592,500 sq.m, demonstrating a 5% increase as compared to FY 2010 results.
The group's net cash position as of June 30th, 2011 amounted to 1.6 billion RUB.
Alexander Tynkovan, President and CEO of OJSC "Company "M.video", said: "We view positively our half year and second quarter results as they support the Company's ambitious growth plans and expose continuous demand for the brand new consumer electronics technologies among Russian consumers. We have also extended our geographical coverage to one hundred cities and become closer to our customers all over Russia".
He added: "We believe that M.video is heading in the right direction: our strategic goal is to build up best in class multichannel retail network which provides our customers with unique shopping opportunities through our expanding regional chain and growing online business".
Summary of the 1st half and 2nd quarter 2011 performance:
| Retail Sales Performance* | ||||||
| H1 2011 | H1 2010 | % change y-o-y | Q2 2011 | Q2 2010 | % change y-o-y | |
| RUB million, with VAT | 54,869 | 41 072 | 33,6% | 25 044 | 18 564 | 34,5% |
| RUB million, without VAT | 46 499 | 34 807 | 21 224 | 15 732 | ||
| LfL Sales Performance** | ||||||
| 1H 2011 LfL Dynamics, % | Q2 2011 LfL Dynamics, % | |||||
| Russian rubles | 11,4% | 11% | ||||
| Expansion | ||||||
| As of 30 June 2011 | As of 31 December 2010 | New 1H 2011 | % change | |||
| Stores | 232 | 219 | 13*** | 6% | ||
| Total space, sq. m | 592 500 | 564 000 | 28 500*** | 5% | ||
* - comparative 2010 numbers are based on the reported audited results.
** - LfL data is based upon a comparison of stores open at January 1, 2010 and not closed for more than two weeks or permanently, or expanded or downsized by >20% of total space.
*** - net of closing 2 stores