MELON FASHION GROUP quoted profit as of the end of 1H 2013
The open joint-stock company Melon Fashion Group has measured its financial results for the first half 2013.The Group's sales grew 5% compared with 1H 2012 and amounted to RUR 4.06 billion.
EBITDA of the 1H reached 10.12%, which is in rouble terms 11% higher than in the same period last year. The net profit remained at the level of 1H 2012 amounting to 4.78%.
It is noteworthy that the above results were impacted by the closure of the deal on sales of lease rights to part of commercial premises occupied by Springfield and women’secret stores to the Cortefiel Group, owner of these brands, which took place in spring this year. Under this deal, 79 stores were sold in Russia and 13 stores in Ukraine, totally the MFG operated 556 sales points as at the end of 2012.
Melon Fashion Group continues also expanding on the market. Over the first six months 2013, net opening amounted to 53 stores of the Group's own brands. Thus, as of June 30, 2013 Melon Fashion Group operated 504 stores: 487 in Russia (befree – 190, ZARINA – 165, LOVE REPUBLIC – 132), 16 in Ukraine (befree – 6, LOVE REPUBLIC – 10), 1 befree store in Kazakhstan.
"We see that our decision to focus on developing our own brands was very right in terms of our figures. Having sold a substantial number of stores, we managed not only to maintain the same but also to increase the level of sales. We are planning to pursue the same strategy and work at raising efficiency of befree, ZARINA, LOVE REPUBLIC", commented the CEO Mikhail Urzhumtsev on the 1H results.
The open joint-stock company Melon Fashion Group operates befree, ZARINA and LOVE REPUBLIC fashion retail chains.