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HOME REGIONS Russia & CIS › M.video sales climb in first quarter

M.video sales climb in first quarter

by Stuart Wilson, Friday 19 April 2013

Russian retail giant M.video has reported total sales up 12% year-on-year for the first quarter of 2013 at US$1.38 billion. The company opened nine new stores in the first quarter pushing its total selling space in Russia to 544,000 square metres. M.video’s like-for-like store sales were up 2.2% year-on-year. The retailer saw a 69% year-on-year increase in online sales, which hit US$50.7m in the first quarter of 2013.

The nine new stores extended M.video’s retail reach into six new cities and took the total number of stores to 303 in 133 cities across Russia. During the quarter the retailer closed two stores – one in Moscow and one in St. Petersburg.

Alexander Tynkovan, president and CEO at M.video, commented: "We demonstrated solid sales performance even with the very strong numbers showed by the company in the previous year.”

“We believe that the consumers appreciate our pioneering omni-channel proposition which is clearly supported by our online sales growth of 69% in the first quarter,” he continued. “We are proud that customers have chosen M.video brand as the number one brand in the Russian consumer electronics retail.”

He continued: “We continued our network expansion, opened nine stores and added six cities in this quarter and are committed to opening 35 new stores as well as 20 new internet cities during the year.”

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