MOSCOW, Nov 18 (PRIME) -- One of Russia’s largest shoe retailers Obuv Rossii expects its 2021 revenue to be flat on 2019, and will start working on ways to raise sales after that, CEO Anton Titov told PRIME on Wednesday.
“After a prolonged quarantine of 2020, recovery of the retail industry will recover for the next two years. Our task for next year is to reach the level of 2019, and we will work on further growth only after that,” he said.
In January–June 2020, the company posted a 305.7 million ruble net loss against a 322.2 million net profit in the same period of 2019, as calculated under International Financial Reporting Standards (IFRS). Titov said that the loss was connected to downtime of stores in the spring.
“This result is not critical for the company from the point of view of business stability, because we have accumulated profits from the previous periods, we have some undisbursed profit, and we paid no dividends for the previous year. This has become a sort of a safety net for the company,” he said.
Obuv Rossii has no plans to continue expansion into other regions of Russia because it already has a large retail chain and its task is to raise the chain’s efficiency and revenue, he added.
(76.2530 rubles – U.S. $1)
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