Uncertainty caused by the coronavirus crisis has forced Russia’s top consumer electronics retailer M.video to postpone discussions regarding its dividend policy, the company said on Tuesday, according to Reuters.
“It is difficult to predict the full impact on our business in 2020 due to developments both inside Russia and globally,” M.video said in a statement after reporting full-year results for 2019.
Last year, the company’s adjusted net profit rose 44.8% to 11.2 billion rubles ($142.09 million), while revenue grew 3.6 to 365.2 billion rubles, it said.
“Looking ahead at business continuity, the group is financially well equipped to cope with this unprecedented situation in the medium term,” it said.
M-video said it had seen a spike in sales of home office goods as well as TVs and washing machines this month.
The Russian ruble has been one of this year’s worst performing currencies. Past falls in the currency have prompted brief spending sprees by consumers looking to snap up electronics goods before prices are raised.
M-video said in a presentation for investors its sales in the first two and a half months of 2020 were 18.2% higher year on year, while like-for-like sales increased 13.1%.
The company said supplies from China had resumed, but it was seeking to replenish stocks through domestic purchases of essential household appliances, home office equipment and expendables.