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August 27, 2013

TURKEY: Migros Ticaret H1 earnings climb

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.

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.

Click here to view the full earnings release.

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