M.Video increases sales by 5% in nine months
Russia-based M.Video has announced its unaudited consolidated retail sales for the nine months and third quarter of 2009. In the first nine months of 2009 M.Video retail sales reached 57.5 billion (USD1.8 billion) with VAT, demonstrating 5% growth as compared to the first nine months of 2008. The company’s like-for-like sales in the nine months of 2009 declined 11% year-on-year in RUB terms.
In Q3 2009, retail sales declined 5% in RUB terms while like-for-like sales reflected downward market trends and demonstrated negative year-on-year performance of -20% in RUB terms as compared to third quarter 2008.
Alexander Tynkovan, President and CEO M.Video, commented: “The company continues to open new stores while focusing attention on reducing its need for bank financing and strengthening its position in the market. We are proud to be a publicly traded retail company that managed to achieve a net cash position and show positive sales growth in a declining market.”
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