Detsky Mir increased revenue offline and online
Detsky Mir Group announced unaudited financial results under IFRS for the 1st quarter of 2017: the group's revenue increased by 28,3% to RUB 21,1 billion. compared to 16,4 billion rubles. in the 1st quarter of 2016. At the same time, the sales turnover of the online store in the reporting period almost doubled compared to the same period last year - from 491 million rubles. up to 900 million rubles.
In addition, in accordance with the methodology used in the operational and financial reporting of public grocery retailers in Russia, comparable sales (alternative like-for-like) of Detsky Mir stores in Russia increased by 11,2%, incl. a comparable increase in the number of checks amounted to 13,3% with a decrease in the comparable size of the average check by 1,9%;
Gross profit increased by 17,9% to 6,5 billion rubles. Compared to the 1 quarter of the 2017 year; gross margin was 30,7%;
The share of commercial, general and administrative expenses as a percentage of revenue decreased from 28,4% to 25,4% due to increased operational efficiency and reduced costs;
Adjusted EBITDA increased by 37,6% to RUB 1,1 billion. compared to 0,8 billion rubles. in Q1 2016, Adjusted EBITDA margin was 5,3%. EBITDA without adjustments amounted to RUB 0,8 billion;
Adjusted profit for the period increased by 34,4% to RUB 137 million. compared to Q1 2016. Profit for the period excluding adjustments amounted to (89) million rubles;
Net debt / adjusted EBITDA LTM-March was 1,9x.
“Despite the continued decline in retail sales, Detsky Mir Group is successfully implementing its strategy to attract new customers and consolidate the market,” comments Vladimir Chirakhov, Director General of Detsky Mir PJSC. - A variety of products and affordable prices support significant business growth. We have achieved a two-digit growth rate in the number of transactions (the number of checks) for comparable stores (like-for-like) of the Detsky Mir network in Russia, which amounted to 13,3%. The volume of consolidated unaudited revenue increased by 28,3% to 21,1 billion rubles. The implementation of the multi-channel sales strategy is a priority and has a significant impact on the development of the network’s business.
According to the results of the 1 quarter of 2017, the unaudited revenue of the online store has almost doubled compared to the same period last year - from 491 million rubles. up to 900 million rubles One of the main components of the multi-channel sales strategy is “omni pricing”, which was implemented in 2016 by lowering prices in our offline stores to the price level of an online store in order to offer customers a single price offer.
According to the results of the 1 quarter of 2017 of the year, Detsky Mir Group successfully completed all the tasks to achieve the double-digit profitability of the adjusted EBITDA for the year. Adjusted EBITDA increased by 37,6% compared to the same period last year.
Improvements in operational efficiency continue to play a key role in increasing business profitability. Management efforts aimed at further increasing labor productivity and optimizing rental payments allowed us to reduce sales, administrative and other operating expenses as a percentage of revenue for 3,0 pp Compared to the same period last year, adjusted earnings for the period increased by 34,4%.
The Detsky Mir Group of Companies will continue its dynamic development in 2017 and open at least 70 new stores. ”
The Detsky Mir group of companies unites the national retail chain Detsky Mir stores, the ELC chain of stores, Detsky Mir and ELC online stores. As of December 31, 2016, the Detsky Mir chain of stores is represented by 480 stores in Russia and Kazakhstan, located in 171 cities of Russia and 7 cities of Kazakhstan, the ELC chain is represented by 45 stores in Russia. The total sales area of the group's stores is 596 thousand sq. M.
According to the audited IFRS data, for 2016 the group's revenue amounted to 79,5 billion rubles, adjusted EBITDA amounted to 8,2 billion rubles, and adjusted profit for the year amounted to 3,8 billion rubles.
Shareholders of the Company: PJSC AFK Sistema - 52,10%; Russian-Chinese Investment Fund (RCIF) - 14,03%; other shareholders holding less than 5% of the shares - 33,87%.
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