Detskiy Mir 4Q 19 - Sales growth was as expected at 13.4% yoy
Detskiy Mir reported its 4Q 19 trading update, with revenue increasing in line with our expectations by 13.4% yoy despite abnormally warm weather. Detskiy Mir stores LFL sales growth amounted to 5.0%, driven by positive LFL traffic, while LFL ticket returned to the red. The company commented that according to preliminary data the companys adjusted EBITDA for 2019e increased by at least 16% yoy (2019 revenue increased by 16.1% yoy), which may mean that we are a bit too conservative in our profitability assumptions for 4Q 19e. With that in mind, we consider the trading update as a slight positive.Detskiy Mir PAO is a Russia-based company, which is primarily engaged in the children products retail sector. The Company offers a wide range of products, such as toys, clothing and footwear, baby goods, stationery, school and learning related products, creative kits, sport related products, food, car seats, furniture, among others. The Company's structure includes the chain of stores Detskiy Mir and the retail network ELC (Early Learning Center). The Company's Detskiy Mir chain comprises over 480 stores located on the territory of the Russian Federation and Kazakhstan, as well as more than 40 ECL stores. Detskiy Mir PAO is primarily active domestically and in the Commonwealth of Independent States (CIS) countries. In addition, the Company sells products online via its Website. The Company's major shareholder is AFK Sistema PAO.
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