Russia's M.Video to keep up pace of expansion next year

MOSCOW Tue Dec 18, 2012 5:40am EST

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MOSCOW Dec 18 (Reuters) - Russian home electronics retailer M.Video said on Tuesday it aimed to keep up the pace of store openings next year after exceeding its targets for 2012.

The company, which is benefiting from rising disposable incomes and booming consumer credit, plans to open 35 hypermarkets next year, renovate 16 existing stores and expand its online business, it said in a statement.

This year, it has already exceeded its target of 35 new stores, having opened 39 outlets and invested 2.1 billion roubles ($68 million) in the chain's expansion.

M.Video earlier reported a 19 percent year-on-year increase in third-quarter sales to 38.5 billion roubles.

According to the central bank, the highest lending growth in Russia - of around 60 percent - comes from consumer loans, such as loans to purchase TVs.

($1 = 31.0005 Russian roubles) (Reporting by Maria Kiselyova; Editing by Helen Massy-Beresford)

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