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 1st half and 2nd quarter of 2012.
H1 2012 Highlights:
- Sales increased by 27% to almost 70 billion Russian rubles (RUB), with VAT;
- Like-for-like sales increased by 16%;
- 18 new stores opened, total space increased to 685,500 sq.m.
In Q2 2012 M.video sales increased by 22.5% and LfL sales were 13.5% positive versus Q2 2011.
M.video Internet sales grew to 2.6% of total sales in H1 2012 as compared to 1.9% in H1 2011.
M.video opened 18 new stores in H1 2012 (11 new stores in Q2 2012) while closed 2 stores. The total number of the Company’s stores increased to 277 in 121 cities. The selling space of M.video network amounted to 508,500 sq.m while the total space amounted to 685,500 sq.m. as of June 30th, 2012.
Alexander Tynkovan, President and CEO of OJSC “Company “M.video”, said: “M.video has proved again its leading positions in the CE retail industry in Russia. We feel very optimistic about our half year and second quarter results as they demonstrate continuous demand for the brand new consumer electronics technologies among Russian customers.
He added: “We’re fully committed to execute our organic growth strategy in the Russian consumer electronic retail with the acceleration of the Omni-Channel approach: we continue our network expansion and plan to open at least 35 new stores this year while our Internet store has been expanded outside Moscow and now is available to customers in Nizhniy Novgorod”.
Summary of the 1st half and 2nd quarter 2012 performance:
% change y-o-y
% change y-o-y
RUB million, with VAT
RUB million, without VAT
LfL Sales Performance**
1H 2012 LfLDynamics, %
Q2 2012 LfLDynamics, %
As of30 June 2012
As of31 December 2011
Selling space, sq.m
Total space, sq. m
* - comparative 2011 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