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Russia's M.Video 2011 net profit up 52 pct
April 5, 2012 / 7:14 AM / 6 years ago

Russia's M.Video 2011 net profit up 52 pct

MOSCOW, April 5 (Reuters) - Russia home consumer electronic retailer M.Video said on Thursday its full-year net profit rose 52 percent to 3.4 billion roubles ($115.24 million) in 2011, year on year, due to openings of new stores and growth in like-for-like sales.

M.Video said in a statement its sales rose 30 percent to 132 billion roubles in 2011, while earnings before interest, taxes, depreciation and amortisation (EBITDA) climbed 38 percent to 6.24 billion roubles.

The company said it opened 44 new stores in 2011, adding 24 cities to its existing network, while Moscow Internet sales jumped 90 percent compared to 2010.

Shares in M.Video were up 2.5 percent by 0705 GMT, adding 0.5 percent before the financial results were published. ($1 = 29.5045 Russian roubles) (Writing by Andrey Ostroukh; editing by Megan Davies)

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