Grocer Dixy Q1 net profit up 27 pct to 164 mln rbls
2011-05-25 18:36:10
Russian food retailer Dixy posted a first quarter 2011 IFRS net profit of 164 million rubles ($5.85 million), up 26.9 percent year on year.
Dixy's net profit growth was 53 percent down on a forecast of analysts polled by RIA Novosti who expected the company's Q1 net financial result to hit 198 million rubles.
The company's revenue grew by 20.8 percent to 18.1 billion rubles. The top line growth was due to an 11.7 percent increase in selling space (by 24,027 square meters) and a 7.6 percent rise in like-for-like sales, Dixy said in a statement.
EBITDA increased by 28 percent to 1.005 billion rubles, whilst EBITDA margin reached 5.6 percent from 5.2 percent in the first quarter of 2010. Gross profit increased by 24.7 percent to 4.322 billion rubles.
"Improved customer service, and more aggressive promo and advertising activities allowed an increased sales per square meter of selling space on the Group level by 7.8 percent over the same period last year. The highest 9.6 percent year-on year sales growth per square meter of selling space was achieved at Minimart stores. Megamart format stores sales per square meter have grown by 9.4 percent, Dixy format stores - by 7.1 percent," the firm said.