DIXY Group Demonstrates Profitable Growth in the Second Quarter of 2013 - Information portal

DIXY Group Demonstrates Profitable Growth in the Second Quarter of 2013

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06.09.2013 Количество просмотров 809 views
DIXYDIXY Group – one of Russia’s leading retailers of foods and everyday products – announced unaudited IFRS results for the second quarter and the first half of 2013. 

In the first half of 2013, the Company opened 108 stores on net basis and increased selling space by 24% year-onyear.

The operational efficiency stayed in main focus throughout the second quarter. The Company continued to streamline business processes in its neighborhood chain, optimized the floor space in DIXY stores, and developed a new CRMconcept to improve our service level and enhance customer relations.

The Company maintained the high rate of centralization (deliveries through own distribution centers) for its neighborhood stores at the level of 84% in the second quarter of 2013.

The Company also progressed in its legal and corporate restructuring. In July 2013, in accordance with the schedule, another major step was accomplished, and 8 legal entities (including 2 operating companies) were merged with the main operating company, DIXY Yug.

Consolidated Revenue increased by 24.7% (22.3% in USD) year-on-year to RUR 45.1 bln (USD 1.4 bln) in the second quarter of 2013.
DIXY neighborhood stores revenue, which was the main driver of growth, increased by 53.8% (50.8% in USD) yearon-year to RUR 34.4 bln (USD 1.1 bln) in the second quarter of 2013. Victoria supermarkets revenue grew by 23.9% (21.5% in USD) year-on-year to RUR 4.9 bln (USD 154.1 mln), while Megamart compact hypermarkets revenues increased by 15.6% (13.3% in USD) to RUR 3.1 bln (USD 98.3 mln) in the second quarter of 2013.

Consolidate Gross Profit increased by 30.7% (28.1% in USD) year-on-year in the second quarter of 2013 amounting to RUR 13.4 bln (USD 425.1 mln).
Consolidated Gross Margin improved by 130 bp year-on-year to 29.8% of sales in the second quarter and by 180 bp year-on-year to 29.9% of sales in the first half of 2013, driven by improved commercial terms and stronger product mix.

Cost of goods sold decreased by 160 bp year-on-year to 67.5% of sales in the second quarter of 2013. Shrinkage costs increased by 10 bp year-on-year to 1.8% of sales in the second quarter of 2013. Transportation costs as a percentage of sales increased by 20 bp year-on-year to 0.9% in the second quarter of 2013, mainly due to gasoline price inflation and a rapid growth of a logistic turnover.

Consolidated Net Profit increased by 113.5% (109.3% in USD) year-on-year to RUR 310.0 mln (USD 9.8 mln) in the second quarter of 2013. Consolidated Net Margin improved by 30 bp year-on-year to 0.7% in the second quarter of 2013.

Net Cash from Operating Activities increased by 106.4% (103.8% in USD) year-on-year to RUR 2.8 bln (USD 89.1 mln) in the first half of 2013, due mainly to efficient working capital management.

As of June 30, 2013, Total Financial Debt to EBITDA ratio stood at 3.0, and Total Financial Debt amounted to RUR 28.9 bln (USD 883.4 mln), while Net Debt amounted to RUR 26.2 bln (USD 801.0 mln) as of June 30, 2013.
Source:  DIXY Group


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