Svyaznoy sales up in 2011

Russian mobile phone retailer Svyaznoy has posted a 24% rise in revenue to RUB69.7 billion (USD2.2 billion) for the full year 2011, PMR reports. Sales including VAT in Russia doubled to RUB299.3 billion (USD9.6 billion) while EBITDA grew 16.3% to RUB5 billion (USD159.7 million). The company recorded solid sales growth in the smartphone and electronics categories, jumping 72% and 48% respectively, compared to the prior year. Svyaznoy opened 539 new stores in Russia, adding 109 new cities to its coverage, resulting in a total of 2,821 outlets in 776 cities. Sixteen of the new units were added through the acquisition of regional mobile phone retailer Tsifrocity.