M.Video looking to spend $160 Million on new stores over 2008-2009

Russian Electronics and Appliance retailer M.Video is looking to open 80 new stores worth about $160 Million before the end of 2009.

Setting aside concerns about the global credit environment and high inflation in Russia, the company plans to stick to its expansion targets and open 40 new stores per year, with each new store worth about $2 Million.

At the end of June 2008 the company had 131 stores in 53 cities across Russia.

M.Video, which raised $365 Million with an IPO at the end of 2007, posted a full year 2007 IFRS Net Profit of $27 Million (up 63%) on Net Revenue of $2.2 Billion (up 44%).