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Lenta Ltd.: 3Q 2019 sales and operating results -2-

DJ Lenta Ltd.: 3Q 2019 sales and operating results

Lenta Ltd. (LNTA;LNTR) 
Lenta Ltd.: 3Q 2019 sales and operating results 
 
28-Oct-2019 / 07:56 CET/CEST 
Dissemination of a Regulatory Announcement that contains inside information 
according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
    LENTA SALES AND OPERATING HIGHLIGHTS FOR THE THIRD QUARTER ENDED 30 
      SEPTEMBER 2019 
 
     St-Petersburg, Russia; 28 October, 2019 - Lenta Ltd, (LSE, MOEX: LNTA / 
    "Lenta" or the "Company") one of the largest retail chains in Russia, is 
  pleased to announce the Company's consolidated sales and operating results 
            for the third quarter ended 30 September 2019. 
 
            3Q 2019 Operating Highlights: 
 
  - Total sales declined by 0.4% in 3Q 2019 to Rub 100.4bn (3Q 2018: Rub 
  100.8bn), including retail sales growth of 2.9% to Rub 97.8bn (3Q 2018: 
  Rub 95.1bn) and wholesales decline of 55.0%; 
 
  - Like-for-like ("LFL")[1] retail sales declined by 0.5% excluding VAT vs. 
  3Q 2018. This is equivalent to LFL retail sales growth of 0.4% including 
  VAT, due to increase in VAT from 1 January 2019; 
 
  - LFL retail traffic decline of 2.0% combined with LFL retail ticket 
  growth of 1.5%; 
 
  - One hypermarket was opened during the third quarter of 2019; 
 
  - Total stores numbered 375 stores as at 30 September 2019, comprising of 
  246 hypermarkets and 129 supermarkets; 
 
  - Total selling space increased to 1,471,647 sq.m as at 30 September 2019 
  (+4.3% vs. 30 September 2018); and 
 
  - Number of active loyalty cardholders[2] increased to 15.5m (+12.5% YoY) 
  with around 97% of transactions in the third quarter carried out using the 
  loyalty programme. 
 
            9M 2019 Operating Highlights: 
 
  - Total sales grew 1.9% in 9M 2019 to Rub 299.6bn (9M 2018: Rub 294.0bn), 
  including retail sales growth of 5.7% to Rub 293bn (9m 2018: Rub 277bn) 
  and wholesale sales decline of 59.9%; 
 
  - LFL retail sales growth of 1.7% excluding VAT vs. 9M 2018. This is the 
  equivalent of LFL retails sales growth of 2.6% including VAT, due to the 
  increase in VAT from 1 January 2019; 
 
  - LFL traffic growth of 0.7% combined with a 1.0% growth in LFL ticket; 
  and 
 
  - Four new hypermarkets and one supermarket were opened during 9M 2019, 
  while two hypermarkets and seven supermarkets were closed during the same 
  period. 
 
            Events in 3Q 2019 and after the reported period: 
 
  - The Company established a representative office of Lenta Ltd. (a holding 
  company registered in the British Virgin Islands) in St. Petersburg and 
  the Company's CFO, Rud Pedersen, was appointed as the head of the office; 
 
  - The Extraordinary General Meeting, held on 22 October 2019, resolved 
  that the Company will continue its incorporation in the Republic of Cyprus 
  and will be registered as a public limited liability company ("Lenta 
  PLC"), followed by amendments and replacement of the current Memorandum 
  and Articles of Association. The full text of resolutions and the results 
  of voting at the EGM can be viewed on the Company's website at 
  www.lentainvestor.com [1]. 
 
            Lenta's Chief Executive Officer, Herman Tinga commented: 
 
      "The third quarter of 2019 was another challenging period for the food 
 retail industry. The market remained very price-competitive due to the weak 
       macroeconomic environment combined with the rapid expansion of retail 
  chains. Consumers continued to be price-sensitive with more options around 
       for making daily grocery purchases, while the retail chains have been 
      focused on driving customer traffic by enhancing promotional activity. 
 
      As a result of these market trends, Lenta saw a declining frequency of 
visits together with reduction in the average number of items in the basket. 
    This affected our results in the third quarter as Lenta delivered retail 
 sales growth of 2.9%, while LFL sales declined by 0.5%. At the same time we 
   also faced seasonal factors such as cold weather, low demand for non-food 
    and seasonal food items, which especially affected our sales in July and 
September alongside with the one less Sunday in September this year compared 
     to the previous one. However, the launch of "Lenta Anniversary" and our 
  traditional "Back to School" campaigns, alongside other promotions, helped 
            us achieve better results in August. 
 
   Nevertheless, we have been working to enhance our shopping experience and 
     client communication for both formats. We also continued working on the 
 optimization of our logistics. In October we closed one leased distribution 
    center in Moscow and replaced it with a new facility with total space of 
 around 70,990 sq.m, which became the largest distribution center in Lenta's 
        portfolio. Simultaneously, we are still in progress of shaping a new 
   strategy, which should help us to open the door into a new era of Lenta's 
            development. 
 
        And last but not least, I am pleased to announce that the Company is 
    continuing to optimize the Group's holding structure. Along with our new 
          representative office in St. Petersburg, shareholders approved the 
re-domiciliation of the Company's jurisdiction from British Virgin Island to 
the Republic of Cyprus at the EGM. This should pave the way for more optimal 
 capital allocation going forward, while allowing us to realize efficiencies 
            in the cost of compliance and improved corporate governance." 
 
            Lenta's Operating Performance 
 
 The Company's retail sales grew by 2.9% in the third quarter of 2019 driven 
      by selling space additions. Total sales reached Rub 100.4bn implying a 
       decline of 0.4% compared to the third quarter of the previous year. A 
   significant decline of 55.0% in sales to wholesale customers accounts for 
    the difference between retail sales growth and total sales growth in the 
     third quarter. Lenta expects wholesales to decline YoY throughout 2019. 
 
   In response to a challenging environment, the Company has been working on 
       implementation of a series of initiatives to increase the distinctive 
   attractiveness of Lenta's offering to customers. The Company continued to 
       improve its assortment, including the launch of various private label 
  product ranges in the third quarter. The Company also carried out a number 
      of distinctive initiatives in the areas of customer marketing, Lenta's 
     loyalty program and customer communication. This included the launch of 
    programs that offer cash-back options for new and existing customers, as 
       well as the launch of a special card program for Lenta's professional 
            customers (Lenta PRO). 
 
      The Company also maintained focus on its digital marketing activities, 
reaching new and existing customers with offers tailored to each individual, 
      to increase both traffic and basket size. The number of active loyalty 
   cardholders increased to 15.5m as at 30 September 2019 (+12.5% YoY) while 
the share of transactions made with the loyalty card was 97%. Lenta's Mobile 
 App, which launch in the fourth quarter of 2018, has already attracted more 
than 3.5 million users. Lenta took further steps to enhance the Mobile App's 
  functionality, delivering an even better customer experience. In the third 
 quarter we have personalized our promo offerings, and facilitated access to 
 our specialized Lenta clubs ("Super-childhood" and "Lenta bar") through the 
  app. We expect these and other initiatives to result in increased loyalty, 
            higher sales and lower marketing costs. 
 
Hypermarket retail sales grew 1.5% in the third quarter, primarily driven by 
         selling space growth of 4.1%, while LFL retail sales in this format 
decreased by 1.2%. The supermarket format's total retail sales rose by 21.3% 
  in 3Q 2019 driven by a 6.5% increase in selling space and LFL retail sales 
  growth of 9.3%. The supermarket format's share of Lenta's retail sales was 
8.3% in the reported quarter, compared to 8.7% in the second quarter of 2019 
            and 7.8% in the fourth quarter of 2018. 
 
                   Quarterly                Year to Date 
            3Q    3Q   Net   Change   9M     9M    Net   Change 
           2019  2018 change   (%)   2019   2018  chang   (%) 
                                                    e 
Total      100,3 100,  (418)  (0.4%) 299,5 294,01 5,548     1.9% 
sales         84  801                   65      7 
(Rub, 
million) 
Retail     97,80 95,0  2,733    2.9% 292,6 276,79 15,86     5.7% 
sales          2   69                   58      0     8 
(Rub, 
million) 
Hypermarke 89,66 88,3  1,303    1.5% 267,4 258,40 9,041     3.5% 
        ts     1   58                   47      6 
Supermarke 8,141 6,71  1,430   21.3% 25,21 18,384 6,827    37.1% 
        ts          1                    1 
Wholesales 2,582 5,73 (3,150 (55.0%) 6,907 17,227 (10,3  (59.9%) 
(Rub,               2      )                        20) 
million) 
Retail       966  967    (1)  (0.1%)   975    989  (14)   (1.4%) 
average 
ticket 
(Rub) 
Hypermarke 1,074 1,06     14    1.3% 1,081  1 071    10     0.9% 
        ts          0 
Supermarke   459  449     10    2.2%   477    476     2     0.3% 
        ts 
Retail     101.2 98.3    2.9    3.0% 300.3  279.9  20.4     7.3% 
customer 
traffic 
(million) 
Hypermarke  83.5 83.4    0.1    0.2% 247.4  241.2   6.2     2.6% 
        ts 
Supermarke  17.7 14.9    2.8   18.7%  52.9   38.7  14.2    36.7% 
        ts 
 
Total retail customer traffic increased by 3.0% in the third quarter of 2019 
compared with the same period in 2018, comprising 0.2% growth in hypermarket 
 traffic and 18.7% increase in retail traffic at Lenta's supermarket format. 
 
 During the reported period, one hypermarket and 11 supermarkets entered the 
   LFL panel. LFL retail sales declined by 0.5% (excluding VAT) in the third 
 quarter, representing 2.0% decline in LFL retail traffic and 1.5% growth in 

(MORE TO FOLLOW) Dow Jones Newswires

October 28, 2019 02:56 ET (06:56 GMT)

LFL retail ticket. LFL retail non-food sales decreased by 6.7% YoY (2Q 2019: 
    -5.7% YoY). LFL retail food sales increased by 0.5% (2Q 2019: 1.7% YoY). 
 
                Quarterly                   Year to Date 
       LFL sales   LFL       LFL      LFL       LFL       LFL 
        growth   average   traffic   sales    average   traffic 
                  ticket   growth    growth   ticket    growth 
                  growth                      growth 
 
        3Q 2019 
                           3Q 2019  9M 2019             9M 2019 
                 3Q 2019                      9M 2019 
Total     (0.5%)     1.5%    (2.0%)     1.7%      1.0%      0.7% 
retail 
sales 
growth 
, % 
Hyperm    (1.2%)     2.1%    (3.3%)     0.8%      1.8%    (1.0%) 
arkets 
Superm      9.3%     3.4%      5.7%    15.3%      2.8%     12.1% 
arkets 
 
   Lenta has been winning new customers in both new and LFL hypermarkets and 
          supermarkets with an ongoing growth of number in unique customers. 
 
  LFL sales decreased by -1.2% in the hypermarket format, mainly impacted by 
declining traffic. Customer traffic growth in the LFL stores turned negative 
      at -3.3%, as the increase in the number of new customers did not fully 
   compensate for the reduction in visit frequency. In response to declining 
     traffic, the Company intensified its promotional activity in August and 
   September, which eventually resulted in strong inflow of "cherry-pickers" 
   with small tickets, a high share of promotional items in the basket and a 
            very low visit frequency. 
 
LFL average retail ticket growth in the format increased by 2.1% as a result 
   of continuous trading-up effect, largely offsetting on-shelf deflation in 
          the third quarter. Lenta's hypermarkets returned to a deflationary 
   environment in the third quarter due to more intensive promo-activity and 
 lower prices for seasonal items such as fruits and vegetables. Nonetheless, 
    LFL ticket growth improved compared to the previous quarter, which was a 
       result of a higher average number of articles per basket vs. 2Q 2019. 
 
   The supermarket format demonstrated strong growth with an increase in LFL 
   sales of 9.3% in the third quarter. Higher traffic drove LFL retail sales 
growth from the significant increase in new, unique customers to the format. 
        Lenta continued to work on tactical changes to the offering, such as 
      extending the product assortment and changing marketing activities, to 
enhance the attractiveness of stores to customers. LFL retail ticket grew by 
        1.9% in the reported period as the trading-up effect and shelf price 
inflation largely compensated for a reduction in the average number of items 
            per basket. 
 
         The 0.5% fall in LFL retail sales in 3Q 2019 was therefore due to a 
    combination of factors: an increase in number of customers combined with 
       strong trading-up effects offset by overall on-shelf deflation, lower 
            frequency of visits and reduced number of articles per basket. 
 
            3Q 2019 monthly operational results 
 
                                       July  August September 
Total sales growth                     -2.1%   2.7%     -1.7% 
Retail sales growth                     2.1%   5.3%      1.3% 
                         Hypermarkets   0.4%   3.9%      0.1% 
                         Supermarkets  25.9%  22.8%     15.9% 
Wholesale growth                      -63.7% -46.4%    -52.4% 
Total retail customer traffic growth    2.3%   3.9%      2.7% 
                         Hypermarkets  -1.3%   1.4%      0.4% 
                         Supermarkets  23.6%  18.2%     14.8% 
Total retail average ticket growth     -0.2%   1.3%     -1.4% 
                         Hypermarkets   1.7%   2.6%     -0.3% 
                         Supermarkets   1.8%   3.9%      1.0% 
 
            Lenta Store and Supply Chain Developments 
 
 In the third quarter of 2019 Lenta opened one new owned compact hypermarket 
  in Moscow with 5,920 sq.m in selling space. During the reported period the 
Company closed one leased hypermarket and three leased supermarkets, meaning 
            three store closures on a net basis. 
 
 As a result, in the reported period Lenta's total selling space was reduced 
 by 1,290 sq.m compared to the previous quarter. As at 30 September 2019 the 
  total number of stores amounted to 375, including 246 hypermarkets and 129 
supermarkets with total selling space of 1,471,647 sq.m, an increase of 4.3% 
year-over-year. Lenta retained its presence in 88 cities across the country. 
 
      After the reported period the Company opened one leased supermarket in 
  Moscow with selling space of 611 sq.m and one owned supermarket in Siberia 
  with selling space of 700 sq.m. As at the date of announcement the Company 
  operates 377 stores, including 246 hypermarkets and 131 supermarkets, with 
            total selling space of 1,472,869 sq.m. 
 
   The Company continued working on the optimization of its logistics. After 
    the reported period the Company closed one leased distribution center in 
  Moscow with a space of 14,990 sq.m, which was replaced with a new facility 
           with total space of around 70,990 sq.m. It has become the largest 
distribution center in Lenta's portfolio. The new warehouse has new features 
   such as units with different temperature zones and additional services to 
 enhance optimization in the Company's procurement and logistics (especially 
   in fresh, frozen and fruits and vegetables categories). Other innovations 
      include separate units aimed to serve Lenta's "power category" also to 
support their centralization and further development. This will also include 
   space for own production (culinary, confectionary, meat processing, etc.) 
 and central bakery to ensure common operational standards across the chain. 
            In the end, extension of space should support volume growth. 
 
                Quarterly                  Year to Date 
       As at As at    Net   Change As at  As at   Net   Change, 
        30     30   change  , YoY                change   YoY 
       Septe Septem 
       mber   ber 
                                     30     30 
                                   Septem Septem 
                                    ber    ber 
        3Q     3Q 
       2019   2018 
 
                                     9M     9M 
                                    2019   2018 
Total    375    354      21   5.9%    375    354     21     5.9% 
number 
of 
stores 
Hyperm   246    233      13   5.6%    246    233     13     5.6% 
arkets 
Superm   129    121       8   6.6%    129    121      8     6.6% 
arkets 
Number   (3)      9    (12) (1.3x)    (4)     26   (30)   (1.2x) 
of net 
store 
openin 
gs 
Hyperm     -      -       -      -      2      2      0        - 
arkets 
Superm   (3)      9    (12) (1.3x)    (6)     24   (30) (125.0%) 
arkets 
Total  1,471 1,410,  60,933   4.3% 1,471, 1,410, 60,933     4.3% 
sellin  ,647    714                   647    714 
g 
space 
(sq.m) 
Hyperm 1,362 1,308,  54,222   4.1% 1,362, 1,308, 54,222     4.1% 
arkets  ,390    168                   390    168 
Superm 109,2 102,54   6,711   6.5% 109,25 102,54  6,711     6.5% 
arkets    57      6                     7      6 
Total  (1,29  7,637 (8,927) (1.2x)  5,905 27,969 (22,06  (78.9%) 
net       0)                                         4) 
sellin 
g 
space 
added 
(sq.m) 
Hyperm (866)      -   (866)   0.0%  8,925  9,951 (1,026  (10.3%) 
arkets                                                ) 
Superm (424)  7,637 (8,061) (1.1x) (3,020 18,018 (21,03   (1.2x) 
arkets                                  )            8) 
 
            Guidance 
 
         The Company reconfirms its guidance for full year 2019 of eight new 
hypermarket and three new supermarket openings as part of organic expansion. 
            Lenta expects capital expenditures of around Rub 17bn. 
 
            About Lenta 
 
Lenta is the largest hypermarket chain in Russia and the country's fourth 
largest retail chain. The Company was founded in 1993 in St. Petersburg. 
Lenta operates 246 hypermarkets in 88 cities across Russia and 131 
supermarkets in Moscow, St. Petersburg, and the Siberia, Urals and Central 
regions, with a total of approximately 1,472,869 sq.m. of selling space. The 
average Lenta hypermarket store has selling space of approximately 5,500 
sq.m. The average Lenta supermarket store has selling space of approximately 
800 sq.m. The Company operates 12 distribution centers. 
The Company's price-led hypermarket formats are differentiated in terms of 
their promotion and pricing strategies as well as their local product 
assortment. The Company employed approximately 50,509 people as of 30 June 
2019[3]. 
The Company's management team combines a mix of local knowledge and 
international expertise coupled with extensive operational experience in 
Russia. Lenta's largest shareholders include Severgroup, which is committed 
to maintaining high standards of corporate governance. Lenta is listed on 
the London Stock Exchange and on the Moscow Exchange and trades under the 
ticker: 'LNTA' 
A brief video summary on Lenta's business and its Big Data initiative can be 
seen here [2]. 
For further information please visit www.lentainvestor.com [1], or contact: 
 
Lenta 
Mariya Filippova 
 
                   PR&GR Director 
                                                Russian Media: 
Tel: +7 812 380-61-31 ext.: 1892 
E-mail: maria.filippova@lenta.com 
 
                                                   NW Advisors 
 
                                              Victoria Afonina 
 
                                          ?el:+7 495 795 06 23 
 
                                  E-mail: lenta@nwadvisors.com 
 
            Forward looking statements: 
 
     This announcement includes statements that are, or may be deemed to be, 
       "forward-looking statements". These forward-looking statements can be 
identified by the fact that they do not only relate to historical or current 

(MORE TO FOLLOW) Dow Jones Newswires

October 28, 2019 02:56 ET (06:56 GMT)

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