Russian electronics retailer M.Video reports 13% rise in first-half volumes

MOSCOW (Reuters) - Russian consumer electronics retailer M.Video-Eldorado said on Monday that its gross merchandise value (GMV), a measure of transaction volumes, rose 13% in the first half of 2024 from a year earlier to 247 billion roubles ($2.7 billion).

First-half revenue also increased by 13% to 202 billion roubles compared with the year-ago period and gross profit increased by 6% to 41.6 billion roubles, the company said.

Core earnings dropped slightly to 6.5 billion roubles, the company said, in what CEO Sergei Li described as a challenging macroeconomic environment with demand in the consumer electronics market cooling.

($1 = 91.4000 roubles)

(Reporting by Reuters; Writing by Alexander Marrow; Editing by Susan Fenton)