Turkish retailer Migros Ticaret said it booked a “strong” performance in the first quarter, with “healthy” growth coming from same-store sales and expansion.
EBITDA in the three months to the end of March amounted to TRY105m (US$57.2m), a 5.8% increase on the prior year period. Gross profit was up 9.6% to TRY422m, representing a gross margin of 26.5%.
Net sales climbed 9.3% to TRY1.59bn. “Healthy” growth from same stores and new expansion resulted in 10.4% calendar day adjusted sales growth.
Migros opened 41 new stores in the quarter, bringing the total number at the end of March to 907.
The retailer said it is on target to deliver full-year double-digit sales growth. Gross profit margin is expected to be in the range of 25.5-26% and EBITDA margin between 6% and 6.5%.
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