M.Video Plans Expansion

May 25, 2010

M.Video, the country’s only publicly traded consumer electronics retailer, plans to accelerate store openings as it expects higher consumption and market growth in 2010, chief executive Alexander Tynkovan said Monday.

The company will open as many as 30 outlets in 2010, compared with 20 last year, M.Video said in a statement.

Net income declined 38 percent to 783 million rubles last year from 1.3 billion rubles in 2008, hurt by higher finance costs, the company said. Sales rose 1.4 percent to 85.6 billion rubles, while earnings before interest, taxes, depreciation and amortization dropped 10 percent to 3.24 billion rubles.

(Bloomberg)

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