TURKEY: Space, LFL growth propels discounter BIM
Turkish discounter BIM saw sales and earnings during 2013 rise by more than one-fifth, driven by new store openings and like-for-like growth.
In the 12 months to 31 December, sales rose 20% to TRY11.9bn (US$5.4bn). Revenue growth was propelled by space expansion, with total selling space up by 4.7% in the period. In Turkey, the group opened 345 outlets, in Morocco it opened 164 stores and in Egypt it opened 35 outlets. Comparable sales were also up 10.8%, driven by basket size growth and increased footfall.
Earnings growth tracked slightly ahead of sales gains. EBITDA rose 21% to TRY595m and net earnings grew 24% to TRY413m. The company said that gross margins came in at 15.7% of sales, slightly ahead of its target margin of 15.5%.
Looking to 2014, BIM said it intends to step up the pace of store openings, increasing selling space by 6.6% and opening an additional 500 outlets in its domestic market. The company hopes to grow sales by 15-20% while generating gross margin of 15.5-16% in the coming year.
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