Fix Price Group (FIXPRICE) Q3 2024 earnings summary

Executive summary

• Revenue for 9M 2024 grew 8.1% year-over-year to RUB 227.2bn, with Q3 revenue at RUB 78.8bn and net profit at RUB 6.0bn for Q3 and RUB 15.1bn for 9M 2024.

• Net store openings totaled 169 in Q3 and 477 for 9M, reaching 6,891 stores across 10 countries by September 2024.

• Loyalty program membership rose to 27.9 million, with a 12.4% year-over-year increase and loyalty transactions accounting for 60% of retail sales.

Financial highlights

• Gross margin was 33.6% in Q3 and 33.4% for 9M 2024, nearly flat year-over-year.

• Adjusted EBITDA for Q3 was RUB 12.4bn (margin 15.7%), and for 9M RUB 35.3bn (margin 15.6%), down from 18.2% in 9M 2023.

• Net profit margin for Q3 was 7.6% and for 9M 2024 was 6.6%.

• SG&A costs (excluding LTIP and D&A) increased to 18.0% of revenue in Q3 2024, mainly due to higher staff costs.

Outlook and guidance

• Forecast for 750 net new store openings in 2024 is confirmed and on track.

• CAPEX is expected to remain low as a share of revenue due to standardized store layouts and automation.

• Continued focus on price leadership and digital technology integration to enhance operational efficiency.