M.Video Q3 sales growth slows to 10.4%
MOSCOW. Oct 17 (Interfax) - Sales revenue at M.Video grew 10.4% year-on-year in Q3 to 42.4 billion rubles, including VAT, the electronic appliance retailer said.
Sales were 35.9 billion rubles not including VAT.
Sales growth slowed from the 14.7% growth seen in Q2 this year.
Sales rose 12.2% year-on-year in January-September top 120.7 billion rubles (102.3 billion rubles not including VAT).
LFL sales rose 2.2% in 9M and 1.7% in Q3.
M.Video opened 23 new hypermarkets in the 9M, five of them in Q3. It shut one.
The total number of the Company's locations reached 316 stores in 140 cities as of September 30, 2013. The selling space of M.Video stores amounted to 561,000 sq. m and the total space amounted to 756,000 sq. m, a 4% increase as compared to FY 2012 results.
On-line sales with home delivery grew 52.7% year-on-year in 9M to 4.3 billion rubles including VAT or 3.6 billion rubles without.
Alexander Tynkovan, President and CEO of OJSC Company M.Video, said: "We continue to expand successfully our operations both offline and online through implementing our winning Omni-Channel formula. In Q3 we launched 20 new internet cities and now operate online in 37 cities across Russia, while increasing our total coverage to 140 cities".
He also added: "We believe that our Omni-Channel approach will continue to allow M.Video to gain market share in the peak December season. We are also optimistic about rapid Pick-up in Store development as it provides for comfort and convenience of shopping for consumers, especially in the holiday period and it's quite beneficial for the retailer as we can offer additional services and accessories to our online customers in the store."