Obuv Rossii summed up the work in the first quarter of 2011. The company's net revenue for the reporting period amounted to 360,877 million rubles, an increase compared to the same period last year - 6%. The net profit of Shoe of Russia increased by 34,9% and amounted to 24,63 million rubles in the quarter. EBITDA increased by 12,83% and amounted to 48 million rubles. Return on EBITDA - 13,38%.
In the first quarter of 2011, Obuv Rossii GC opened 11 Westfalika stores and entered new regions such as the Republic of Tatarstan (Kazan) and the Udmurt Republic (Izhevsk). In total, the company plans to open 2011 stores and develop a network in such new regions as the Leningrad, Nizhny Novgorod, Kirov Region, Perm and Khabarovsk Territories by the end of 50.
The company continues to work under the installment plan. Obuv Rossii launched its own installment sale of footwear project without the participation of banks in August 2009. According to the results of the first quarter of 2011, installment sales of shoes amounted to 69 million rubles and five times exceeded the sales figures on credit (13 million rubles).
In the spring season, a large-scale advertising campaign of the Westfalika network was launched with the participation of singer Valeria. Also in the spring, a special line of shoes “Valeria's Choice” appeared in Westfalika stores.
The results of the opening of stores in the first quarter of 2011 were the first stage in the implementation of the network development program that Obuv Rossii announced in early March. The company plans to bring the number of stores to 2015 by the beginning of 420, and revenue to 7,5 billion rubles.