M.Video reports retail sales up 3.6% in 2009

Russia-based M.Video posted RUB83.3 billion (USD2.77 billion) retail sales for the year ended 31 December 2009, a 3.6% growth compared to 2008. The company’s like-for-like sales in 2009 decreased by 11.6%. In Q4 2009, M.Video retail sales increased by 1% compared to the same period in 2008, while like-for-like sales fell 13.4%.

M.Video President and CEO Alexander Tynkovan said: "We feel quite positive about our performance in 2009. M.Video has shown leadership in the Russian consumer electronic retail sector 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 a significant net cash position by focusing on our working capital.”