Obuv Rossii ups net profit by 21% in January-September 2011

2011-12-02



The Russian footwear retailer Obuv Rossii, which operates the Vestfalika and Peshekhod retail chains, increased its net profit by 21% year on year to RUB 66.5m ($2.1m) in January-September 2011. In turn, its net revenues grew by 8% to RUB 1.2bn ($38.3m) year on year.

During the period in question the company opened 47 stores, mainly within the Vestfalika chain, in new regions including Kazan, Izhevsk, St. Petersburg, Moscow Province and Vladivostok. In addition, the number of Vestfalika stores in 2011 grew by 39% in comparison to the same period last year. As for the openings in Moscow Province, it is the company's second attempt at Moscow expansion: Obuv Rossii stores operated in the city and its vicinities up to 2008, but had to close during the financial crisis, as Retail Update Russia reported on a previous occasion.

Currently, the company's total store count amounts to 158 stores in 51 cities in Russia.

Obuv Rossii is planning to open 320 stores by the end of 2013 and 420 by the end of 2014. It is estimated that its net earnings by that time will have reached RUB 7.5bn ($239.3m).