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Fix Price Group Ltd. : Fix Price announces key operating and financial results for Q3 and 9M 2021

Fix Price Group Ltd. (FIXP)
Fix Price Group Ltd. : Fix Price announces key operating and financial results for Q3 and 9M 2021

27-Oct-2021 / 08:59 MSK
Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.
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Fix Price announces key operating and financial results for Q3 and 9M 2021


Solid growth of key financial metrics amid effective management of macro headwinds


27 October 2021 - Fix Price (LSE and MOEX: FIXP, the "Company" or the "Group"), one of the leading variety value retailers globally and the largest in Russia, today announces its operating and IFRS financial results based on management accounts for the third quarter (Q3 2021) and nine months (9M 2021) ended 30 September 2021.


Operating and financial summary for Q3 2021

  • Revenue grew by 17.8% y-o-y to RUB 57.9 billion on the back of new store openings and LFL sales growth
    • Retail revenue increased by 18.6% y-o-y to RUB 51.2 billion
    • Wholesale revenue was up by 12.4% y-o-y to RUB 6.6 billion
  • LFL sales[1] increased by 4.4% y-o-y following abnormally high LFL sales growth of 20.6% in Q3 2020. Compared to the same period of 2019, before the coronavirus pandemic, LFL sales[2] were up by 25.9%
    • LFL traffic increased by 0.3% y-o-y supported by promotional activities focused on traffic-generating items to offset subdued consumer sentiment. LFL traffic was up by 4.4% compared to Q3 2019, reflecting a continued structural improvement from pre‑COVID levels
    • The LFL average ticket was up by 4.1% y-o-y driven by higher average price per item amid gradual repricing of the assortment and the impact of new price points. Compared to Q3 2019, the LFL average ticket grew by 20.6%
    • LFL sales at company-operated stores in Russia grew by 5.4%. Sales at company‑operated stores in Kazakhstan and Belarus were heavily impacted by COVID-related restrictions and a challenging macroeconomic environment
  • The total number of stores increased by 168 to 4,753 (of which 516 are franchised), in line with guidance for approximately 730 net new openings for the full year 2021. The total selling space of stores operating under the Fix Price brand increased by 38.5 ths. sqm to 1,022.4 ths. sqm
  • The total number of registered loyalty card holders increased by 1.5 million to 15.4 million, with transactions using loyalty cards accounting for 46.4% of total sales[3]. The average ticket for purchases made using a loyalty card remains 1.8x higher than the average ticket for non‑loyalty-card purchases
  • Gross profit was up by 16.5% y-o-y to RUB 18.4 billion. The gross margin was 31.8%, broadly in line with 32.1% in Q3 2020. The gap versus the previous year is narrowing on a quarterly basis reflecting the flexibility of Fix Price's business model to adjust to pressure on cost of sales amid a challenging macro environment. Compared to the same period of 2019, the gross margin was down by 24 bps
  • SG&A costs (excl. D&A) as a percentage of revenue remained almost flat versus the same periods of 2020 and 2019 at 13.3% thanks to strict cost control amid pressure on LFL sales in Q3 2021
  • EBITDA[4] increased by 17.1% to RUB 11.0 billion on the back of gross profit expansion and strong cost control. The EBITDA margin was slightly down by 12 bps y-o-y to 19.0% due to positive operating leverage that partially offset pressure on the gross margin. Compared to pre‑COVID levels in Q3 2019 of 19.0%, the EBITDA margin remained flat
  • Operating profit grew by 14.2% to RUB 7.9 billion. The operating margin was 13.6%, compared to 14.0% for Q3 2020 and 12.7% for Q3 2019
  • Profit for the period increased by 84.2% to RUB 5.1 billion. The net profit margin was 8.8%, versus 5.7% and 10.2% for the same periods of 2020 and 2019, respectively
  • The IAS 17-based adjusted net debt to EBITDA ratio remained at a moderate 0.5x, well below the threshold of 1.0x set out in the Group's guidance
  • On 28 September 2021 the Company paid an interim dividend in the amount of RUB 9,788 million, or RUB 11.5 per share (gross amount subject to taxes and fees), amounting to 100% of profit under IFRS for the six months ended 30 June 2021


Operating and financial summary for 9M 2021

  • Revenue was up by 24.3% y-o-y to RUB 164.0 billion
    • Retail revenue grew by 25.8% y-o-y to RUB 144.2 billion
    • Wholesale revenue increased by 14.2% y-o-y to RUB 19.7 billion
  • LFL sales grew by 9.0% (by 9.5% adjusted for an additional trading day in 2020 due to the leap year)
    • LFL traffic increased by 5.8% (by 6.2% adjusted for the leap-year effect)
    • The LFL average ticket was up by 3.1%
  • The total number of stores increased by 586, including 495 for company-operated stores and 91 for franchising networ...
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