M.Video 2011 Net Profit Soars 52% to $114.6 Mln

M.Video, one of Russia’s top electronics and household appliances retailers, saw 2011 net profit jump 52 percent year-on-year to 3.374 billion rubles ($114.6 million) to IFRS, the firm said on Thursday.

Revenue grew 29.3 percent last year to 132 billion rubles owing to “M.Video’s opening of 44 stores, increased by 10 percent like-for-like stores sales and a 90 percent increase in Moscow Internet sales.”

EBITDA rose 37.9 percent to 6.239 billion rubles, while EBITDA margin increased to 5.6 percent from 5.2 percent the previous year.

“We sustained remarkable growth and added again 44 new stores and 24 cities to our network. We are committed to growing our business in Russia using an Omni-Channel approach where customers can receive the same service level whatever way – on-line or store – they choose to shop,” M.Video President Alexander Tynkovan was quoted as saying.


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