Russian electronics retailer M.video has posted a 29.3% rise in net sales including VAT to RUB132.1 billion (USD4.2 billion) for the full year ended 31 December 2011. Net sales jumped 29.3% to RUB111.9 billion (USD3.6 billion) while operating profit soared 42.3% to RUB4.6 billion (USD146.9 million). EBITDA grew 37.9% to RUB6.2 billion (USD198.1 million) and net profit surged 52% to RUB3.4 billion (USD108.6 million).
According to the company the growth in revenue was mainly driven by the 10% increase in like-for-like sales, 44 new store openings as well as the 90% growth of e-commerce sales in Moscow. M.video President Alexander Tynkovan commented: “We are committed to growing our business in Russia using a multi-channel approach where customers can receive the same service level whatever way - online or instore - they choose to shop. We are one brand name to serve our customers’ demand.”
