OJSC “Company “M.video” (RTS, MICEX: MVID), one of Russia’s largest consumer electronics retailers, announced today its unaudited retail sales, like-for-like sales (LfL) and expansion results for the 9 months and 3rd quarter of 2011.
9m 2011 Highlights:
- Retail sales increased by 30% to 87 billion Russian rubles (RUB), including VAT;
- Like-for-like sales increased by 8.4%;
- Net cash position amounted to 3.2 billion RUB as of September 30, 2011;
- 26 new stores opened, total space increased to 614,000 sq.m.
In Q3 2011 M.video retail sales increased by 24% and LfL sales were 3.6% positive versus Q3 2010.
M.video opened 26 new stores in 9m 2011 (11 new stores opened in Q3 2011). The total number of the Company’s locations reached 243 stores as of September 30th, 2011. The total space of M.video stores amounted to 614,000 sq.m, demonstrating a 9% increase as compared to FY 2010 results.
The group’s net cash position as of September 30th, 2011 amounted to 3.2 billion RUB.
Alexander Tynkovan, President and CEO of OJSC “Company “M.video”, said: “We demonstrated sustainable growth of our revenues in 9 months 2011. We also managed to show positive revenue generation in like-for-like stores in Q3’11 while challenging high comparative base of the Q3’10. M.video increased its footprint in the Russian regions and strengthened density of operations in the cities with more than one store”.
He added: “We’re seeing that our consumers’ confidence remains with them as they continue to choose M.video as their number one source for consumer electronics. Thus we look forward towards our high season in December with optimism”.
Summary of the 9 months and 3rd quarter 2011 performance:
| Retail Sales Performance | ||||||
| 9m 2011 | 9m 2010 | % change y-o-y | Q3 2011 | Q3 2010 | % change y-o-y | |
| RUB million, with VAT | 87,266 | 67,221 | 30% | 32,398 | 26,149 | 24% |
| RUB million, without VAT | 73,954 | 56,967 | 30% | 27,456 | 22,160 | 24% |
| LfL Sales Performance* | ||||||
| 9m 2011 LfL Dynamics, % | Q3 2011 LfL Dynamics, % | |||||
| Russian rubles | 8,4% | 3,6% | ||||
| Expansion | ||||||
| As of 30 September 2011 | As of 31 December 2010 | New 9m 2009 | % change | |||
| Stores | 243 | 219 | 24** | 11% | ||
| Total space, sq. m | 614,000 | 564,000 | 50,000** | 9% | ||
* - 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 in H1 2011