Dixy sees revenue slump 6% in Q1, posts net loss of 1.6 bln rubles
MOSCOW. April 27 (Interfax) - Dixy Group, one of Russia's largest retailers, posted a net loss of 1.646 billion rubles in the first quarter of 2017, compared to 1.512 billion rubles in the same period last year, the company reported.
Dixy's result was better than the Interfax consensus forecast, which projected that the net loss would grow to 1.735 billion rubles.
Dixy's EBITDA fell 30.7% to 1.055 billion rubles in the quarter and the EBITDA margin dropped to 1.5% from 2.1% a year earlier. This was in line with analysts' forecasts of 1.087 billion rubles and 1.5%, respectively.
Dixy's revenue slumped 6% to 69.637 billion rubles in the quarter. The consensus forecast saw revenue dropping only 2% to 72.637 billion rubles.
The decline in revenue was caused by a 5% drop in passenger traffic and a 1% fall in the average ticket. The management focused on the quality of the asset base in 2017, leading to the reassessment of existing stores and a slowdown in opening new stores which impacted revenue generation in 1Q 2017, the company said.
Dixy's retail revenue fell 6.2% to 69.109 billion rubles. Dixy convenience store sales fell 8.2% to 55.014 billion rubles.
Like-for-like (LFL) sales declined 9.8% due to a fall in LFL consumer traffic and LFL ticket.