M.video 1H 2011 net profit up 48% year on year

Russian electronics and whitegoods retailer, M.video, has posted a 1H 2011 net profit of 766 million roubles under IFRS.

The net result is up 48% year on year from the 512 million roubles net profit posted for 1H 2010, as 1H EBITDA climbed 33% year on year to 1.906 billion roubles, on the back of a 33% year on year rise in net revenues to 46.502 billion roublesM.video President and CEO, Alexander Tynkovan, was upbeat about the figures noting the relationship with suppliers had helped gross margins.“M.video again demonstrated solid financial performance due to superior sales results and new stores opening. We managed to increase our gross margin by 84 basis points proving that we were able to keep our sales growth without sacrificing our margin. It also reflects very strong relationship M.video has with its major suppliers.”Tynkovan added that the M.video was looking to continue its expansion with another 40 stores planned to be opened by the end of 2011.“We are also pleased to announce that we’re going to continue with our ambitious expansion plan in the H1 2011 and will open at least 40 stores by the year end 2011.”