Dixy hopes to open 400 stores per year, double revenue in 2015
MOSCOW. Oct 25 (Interfax) - Russian retailer Dixy plans to open 400 stores per year in the next few years and to double revenue in 2015 compared to 2012, analysts that participated in a meeting with company management Wednesday reported.
The company confirmed its growth forecast for 2012 at 20%-25%. Dixy management says growth will be close to the lower end of the range predicted, Mikhail Terentyev of Otkritie said in his report.
Dixy posted revenue of 102.3 billion rubles in 2011. The figure for 2012 could be 123 billion to 128 billion rubles. The retailer posted revenue of 106.7 billion rubles in January-September 2012, up 21.5% year-on-year (pro-forma growth including Victoria revenue from the start of 2011).
Dixy also confirmed its earlier forecast that it would open a minimum of 320 stores in 2012.
The company opened 258 new stores in January-September, including 251 Dixy convenience stores (the retailer's main format).
The company raised its CAPEX forecast for 2012 from 10 billion rubles to 12 billion rubles, the Otkritie report says.
The EBITDA margin is forecast at just under 6% in 2012 and 7%-8% in the next few years. The net margin is expected to be 1.5% to 2% in the next few years.
The EBITDA margin in 2011 was 6.3% and net margin was 1.1%.
OJSC Dixy Group manages a chain of Dixy convenience stores, Megamart hypermarkets and Minimart supermarkets. The company purchased the Victoria chain (Kvartal, Deshevo and Seminaya Kopilka convenience stores and Victoria supermarkets) in June 2011.
Dixi was managing 1,343 stores at the end of September 2012, including 1,172 Dixy convenience stores, 115 Kvartal and Deshevo discount stores, 26 Victoria supermarkets, 11 Minimarts, 18 Megamarts and a cash & carry.
