"M.video" reports 3.6% retail sales growth in 2009
OJSC “Company “M.video” (RTS, MICEX: MVID), one of the Russia’s largest consumer electronics retailers, announced today its unaudited retail sales, like-for-like sales (LfL) and expansion results for the full year and the 4th quarter of 2009.
FY 2009 Highlights:
• Retail sales increased 3.6%
• Like-for-like sales decreased by 11.4%
• Net cash position exceeds 6 billion RUB
• 22 new stores opened, total space of 50,000 sq.m added
In FY 2009 M.video retail sales reached 83,3 billion Russian rubles (RUB), including VAT, demonstrating 3.6% growth as compared to FY 2008. The Company’s LfL sales in FY 2009 decreased by 11,4% year-on-year in RUB terms.
In Q4 2009 M.video retail sales increased by 1% in RUB terms as compared to Q4 2008 while LfL sales demonstrated negative year-on-year performance of (13.4%) in RUB terms as compared to 4Q 2008.
M.video opened 22 new stores in 2009 (7 new stores in 4Q 2009). The total number of the Company’s supermarkets reached 177 stores as of December 31st, 2009 located in 71 cities of Russia. The total space of M.video stores amounted to 467,000 sq.m as of December 31st, 2009,
demonstrating a 12% increase as compared to FY2008 results. The Company entered 7 new cities throughout 2009.
The group’s net cash position as of December 31st, 2009 amounted to over RUB 6 billion. During 2009 M.video made a significant progress paying off its debt and accumulating substantial cash.
Alexander Tynkovan, President and CEO of OJSC “Company “M.video”, said: "We feel quite positive about our performance in 2009. M.video has shown leadership in the Russian consumer electronic
retail by demonstrating positive growth in a declining market, opening 22 new stores and capturing market share. The most impressive highlight was that we were able to move from a net debt position in 2008 to significant net cash position by focusing on our working capital”.
He also stated: “We see many opportunities for improvement in 2010. We have a best in class management team, talented, enthusiastic sales people in our stores and we are the best placed Russian consumer electronic company to attract and retain customers. Our industry gives the unique chance to supply to the Russian consumers innovative technologies and upgraded electronic devices for their homes and their lives”.
OJSC “Company “M.video” is the largest Russian consumer electronic retail chain by revenue. The Company started its operations in 1993. In November 2007 OJSC “Company “M.video” became the first publicly traded company in the domestic consumer electronic retail sector. The Company’s shares are traded on Russian RTS and MICEX (ticker: MVID).
In 2009 the Company’s retail sales reached 83,3 billion Russian roubles (with VAT) demonstrating 3.6% growth versus 2008. M.video runs 177 brand name stores in 71 Russian cities as well as 2 on-line internet stores. The total space of “M.video” stores accounts to 467 000 sq. m.
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