Russia's Fix Price reports 29.2% rise in Q1 revenue after March IPO

Fix Price

15/04/2021 15:07

MOSCOW, April 15 (Reuters) - Russian low-cost retailer Fix
Price's first-quarter revenue rose 29.2% to 51.7 billion roubles
($672.7 million), the company said on Thursday, in its first
financial results statement since its market debut in London
last month.
    Fix Price raised around $2 billion in an initial public
offering on the London Stock Exchange in early March,
capitalising on the COVID-19 pandemic reducing Russians'
spending power.  urn:newsml:reuters.com:*:nL5N2L31HV 
    That was the biggest Russian IPO since western sanctions
were introduced in 2014.  urn:newsml:reuters.com:*:nL8N2KL133
    Fix Price, which sells low-priced goods in walk-in shops and
online, has now posted 17 consecutive quarters of double-digit
like-for-like sales growth, Chief Executive Dmitry Kirsanov
said. In the first quarter, like-for-like sales grew 11.9%. 
    "Performance remains in line with management expectations
and budget, and we look forward to announcing our debut interim
financial results as a public company in August 2021," Kirsanov
said. 
    Fix Price increased its total number of stores to 4,354 and
opened in 47 new locations in Russia, Belarus, Kazakhstan and
Latvia in the last quarter, the company said in a statement. 
    Kirsanov said higher like-for-like sales and the faster pace
of new store openings were among the key drivers of the revenue
increase. 
    ($1 = 76.8600 roubles)

 (Reporting by Alexander Marrow; Editing by Jan Harvey)
 ((alexander.marrow@thomsonreuters.com;))