Fix Price Group Announces Positive Financial Results for Q1 2024

Fix Price Group PLC, a leading variety value retailer, disclosed its Q1 2024 financial results, showing robust growth despite market adversities. For the quarter ending March 31, 2024, the company reported an 8.8% year-over-year revenue increase to RUB 71.7 billion, with its retail sector experiencing a 9.0% rise. This quarter also saw the addition of 131 new stores, expanding their total to 6,545 stores globally. The group’s gross profit ascended by 6.7% reaching RUB 23.4 billion, supported by an increase in higher-margin non-food items.

Loyalty programs proved effective, as registered cardholders climbed by 3.4 million over the year, contributing notably to retail sales. On the cost front, while SG&A expenses grew due to augmented staff and operational costs, efficiencies in rental expenses and security services alleviated some financial pressure. Net profits for the period were reported at RUB 3.3 billion, marking a profit margin of 4.6%. The company's EBITDA stood at RUB 9.8 billion with a margin of 13.6%.