Turkish retailer Migros Ticaret saw its earnings climb in the first half and said it is on target to deliver double-digit sales growth for the full year.
In the six month period, EBITDA was up 4.8% to TRY206m (US$101.6m), the company reported today (27 August). Gross profit increased 9.9% to TRY878m, representing a gross margin of 26.5%, slightly down from 26.6% last year.
Sales were up 10.1% to TRY3.31bn and the retailer said it is ahead of its original store expansion plan, having opened 112 new stores in the first half. It now operates 967 stores.
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