Fix Price Group (FIXPRICE) Q4 2024 earnings summary

Executive summary

• Revenue grew 7.9% year-over-year to RUB 314.9bn for FY 2024, with net profit of RUB 22.2bn and a net profit margin of 7.0%.

• Opened 751 net new stores in FY 2024, expanding the network to 7,165 stores across 10 countries and increasing the loyal customer base by 11.9%.

• Loyalty cardholders increased by 3.1 million to 28.8 million, with loyalty transactions accounting for over 60% of retail sales.

• Q4 2024 revenue was RUB 87.7bn, with net profit of RUB 7.1bn and strong seasonal sales.

• Gross margin remained strong at 35.1% in Q4 and 33.9% for FY 2024.

Financial highlights

• Gross profit for FY 2024 increased to RUB 106.7bn, with a gross margin of 33.9%.

• Adjusted EBITDA reached RUB 53.4bn for FY 2024, with a margin of 17.0%.

• Operating profit for FY 2024 was RUB 36.1bn, with an operating margin of 11.5%.

• Q4 adjusted EBITDA was RUB 18.1bn (margin 20.6%), up 13.3% year-over-year.

• SG&A (excl. LTIP and D&A) for FY 2024 was 17.1% of revenue, up from 15.6% in FY 2023, mainly due to staff cost growth.

Outlook and guidance

• Plans to open 700 net new stores in 2025, maintaining low CAPEX as a share of revenue.

• Focus on expanding the store network, optimizing assortment, and leveraging digital technologies to address labor market constraints.

• Ongoing efforts to enhance shareholder value, including consideration of a listing for the Group's key operating asset.