MOSCOW : Russian consumer electronics retailer M.Video-Eldorado will more than halve its 2022 investment programme in year-on-year terms, Chief Financial Officer Anna Garmanova said on Wednesday, and planned to continue opening stores once the situation stabilises.
M.Video warned of challenges ahead in April, as a tanking rouble contributed to a brief surge in sales soon after Russia sent tens of thousands of troops into Ukraine on Feb. 24. "The big brands will either come back or they won't," said Garmanova, who took up her role on March 15."Second-tier brands will take their place."
The company's capex programme totalled 15.1 billion roubles in 2021. It spent 3.9 billion roubles on store openings, she said.
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