M.VIDEO-ELDORADO’S NET SALES HAVE GROWN 11.7% THIS QUARTER
The M.Video-Eldorado Group published its results for the first quarter of 2019.
The retailer’s net sales for the quarter increased by 11.7% to 101.4 billion rubles. The group's online revenue increased by 22.3% to 20.5 billion rubles, and reached 20.2% of total net sales. Comparable sales rose 2.2%.
“The M.Video-Eldorado Group completed the integration process in the first quarter of 2019 - following the operational merger in 2018, the company has become one legal entity with a single IT system. The overall business model for the two retail chains, combined with competitive offerings in customer service, promotion, and pricing, made it possible for both brands to increase their sales by 12% YoY, which is higher than the market average, and as a result, the Group increased its share in the household appliances and electronics segment,” commented Alexander Tynkovan, the Group’s President.
Over the course of the quarter, the retailer increased its retail chain by 14 stores: 5 M.Video stores, 7 Eldorado stores, and 2 m_mobile stores. The Group’s total number of sales outlets reached 955 by March 31.