Detskiy Mir Company News - 1Q 20 sales growth in line, 124 stores temporary closed
Today, Detskiy Mir reported its 1Q 20 trading update with revenue increasing by 11.2% yoy, in line with our expectations. Detskiy Mir stores LFL sales growth amounted to 4.0%, driven by LFL traffic (+4.4%), while LFL ticket was negative (-0.4%). Despite in-line revenue, we consider the trading update negative as the company reported a temporary closure of ca. 16% of Detskiy Mir stores due to COVID-19, which will likely negatively affect the companys sales in 2Q 20e.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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