M.video online sales grow 90% in 2011

Russian electronics retailer M.video has posted a 29.7% rise in net sales to RUB112 billion (USD4.2 billion) including VAT, for the full year ended December 2011. In the fourth quarter, net sales increased 28% to RUB44.9 billion (USD1.4 billion) including VAT while online sales grew by more than 90% compared to fiscal 2010. During the fiscal year the company opened 44 new outlets, 18 of which in Q4, and closed two, resulting in a total of 261 outlets with a combined sales area of 39,000 square metres.

Alexander Tynkovan, M.video President and CEO, commented: "We strengthened our market leadership while improving customers relationship and brand recognition, especially in the highly-competitive internet channel. We are looking forward to 2012 with optimism and plan to open 25-35 new supermarkets during the year”.