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 9 months and 3rd quarter of 2013.
9m 2013 Highlights:
- Sales increased by 12.2% to almost 121 billion Russian rubles (RUB), including VAT;
- Like-for-like sales increased by 2.2%;
- Online sales (home delivery only) grew by 53%;
- 23 new stores opened, selling space increased to 561,000 sq. m.
Q3 2013 Highlights:
- Sales increased by 10.4% to 42.4 billion RUB, with VAT;
- Like-for-like grew by 1.7%.
In 9m 2013 M.video sales reached 121 billion Russian rubles (RUB), including VAT, demonstrating a 12.2% growth as compared to 9m 2012. The Company’s LfL sales in 9m 2013 increased 2.2% year-on-year. Online sales (home delivery only) grew by 52.7% to 4.3 billion RUB, including VAT.
In Q3 2013 M.video sales increased 10.4% and LfL sales grew by 1.7% versus Q3 2012.
M.video opened 23 new stores in 9m 2013. The Company opened 5 new stores in Q3 2013 while closing 1 store.
The total number of the Company’s locations reached 316 stores in 140 cities as of September 30th, 2013. The selling space of M.video stores amounted to 561,000 sq. m and the total space amounted to 756,000 sq. m, demonstrating a 4% increase as compared to FY 2012 results.
Alexander Tynkovan, President and CEO of OJSC “Company “M.video”, said: “We continue to expand successfully our operations both offline and online through implementing our winning Omni-Channel formula. In Q3 we launched 20 new internet cities and now operate online in 37 cities across Russia, while increasing our total coverage to 140 cities”.
He also added: “We believe that our Omni-Channel approach will continue to allow M.video to gain market share in the peak December season. We are also optimistic about rapid Pick-up in Store development as it provides for comfort and convenience of shopping for consumers, especially in the holiday period and it’s quite beneficial for the retailer as we can offer additional services and accessories to our online customers in the store”.
Summary of the 9 months and 3rd quarter 2013 performance:
Sales
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| 9m2013 | 9m2012 | % change y-o-y | Q3 2013 | Q3 2012 | % change y-o-y | |||
RUB million, with VAT | 120,720 | 107,591 | 12.2% | 42,436 | 38,451 | 10.4% | |||
RUB million, without VAT | 102,305 | 91,179 | 35,963 | 32,586 | |||||
Online Sales (home delivery only)
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| 9m 2013 | 9m 2012 | % change y-o-y | ||||||
RUB million, with VAT | 4,286 | 2,807 | 52.7% | ||||||
RUB million, without VAT | 3,632 | 2,379 | |||||||
LfL Sales Performance*
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| 9m 2013 LfLDynamics, % | Q3 2013 LfLDynamics, % | |||||||
Russian rubles | 2.2% | 1.7% | |||||||
Expansion
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| As of 30 September 2013 | As of 31 December 2012 | New 9m 2013 | % change | |||||
Stores | 316 | 296 | 20** | 7% | |||||
Selling space, sq. m | 561,000 | 537,000 | 24,000** | 4.5% | |||||
Total space, sq. m | 756,000 | 723,000 | 33,000** | 4.5% | |||||
* - 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 3 stores in 9m 2013.