PJSC “M.video” (MOEX: MVID), Russia’s largest consumer electronics retailer by revenue, announced today results for the 1st quarter of 2016 of unaudited sales, like-for-like sales (LfL) and store expansion.
Q1 2016 Highlights:
- Sales amounted to 54.6 billion RUB (with VAT)
- Like-for-like sales increased by 19.6% compared to Q1 2015
- Online based sales grew by 29%
- 1 new store opened, selling space amounted to 645,000 sq. m.
In Q1 2016 M.video’s sales grew by 16% and amounted to 54.6 billion RUB (with VAT) as compared to 47 billion RUB (with VAT) in Q1 2015. LfL sales in Q1 2016 increased by 19.6% year on year.
M.video’s Online Based Sales (OBS) in Q1 2016 (orders generated from Company’s web site: home delivery to customers + pickup in stores) increased by 29% to 6.2 billion RUB (with VAT) as compared to 4.8 billion RUB (with VAT) in Q1 2015.
M.video opened 1 new store in Q1 2016. The total number of the Company’s stores amounted to 379 located in 161 cities of Russia. The selling space of M.video network amounted to 645,000 sq.m while the total space amounted to 866,500 sq.m as of March 31st, 2016.
Alexander Tynkovan, President of PJSC “M.video”, commented: "It was a very good quarter for the Company as once again we outperformed our major competition and significantly increased our sales. I would like also to highlight the increase of our Online Based Sales, which now balance at the healthy growth rate of around 30%, which is in fact the fastest growth of the Consumer Electronics online business in the market. The penetration of the OBS in the biggest cities such as Moscow and St. Petersburg are now reaching 20% of total sales in those areas, which is an encouraging signal that our Omni concept is quite successful in the most competitive and well-defined markets”.
Summary of the Q1 2016 performance:
Sales (including Online):
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| Q1 2016 | Q1 2015 | % change y-o-y | ||||||
RUB million, with VAT | 54,574 | 47,035 | 16% | ||||||
RUB million, without VAT | 46,249 | 39,860 | |||||||
Online Based Sales (Home delivery + Pick-up in stores)
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| Q1 2016 | Q1 2015 | % change y-o-y | ||||||
RUB million, with VAT | 6,177 | 4,778 | 29% | ||||||
RUB million, without VAT | 5,235 | 4,049 | |||||||
LfL Sales Performance*
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| Q1 2016 LfLDynamics | ||||||||
Russian rubles | 19.6% | ||||||||
Expansion
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| As of 31 March 2016 | As of 31 December 2015 | New Q1 2016 | % change | |||||
Stores | 379 | 378 | 1 | 0.3 | |||||
Selling space, sq. m | 645,000 | 644,000 | 1,000 | 0.2 | |||||
Total space, sq. m | 866,500 | 865,000 | 1,500 | 0.2 | |||||
* - LfL data is based upon a comparison of stores open at January 1, 2015 and not closed for more than two weeks or permanently, or expanded or downsized by >20% of total space.