Turkish retailer Migros Ticaret has booked an increase in first-half profits after “strong” same-store sales.
In the six months to the end of June, EBITDA totalled TRY196m (US$107.1m), a 10% increase on the prior-year period. Gross profit amounted to TRY799m, a 15.2% increase on last year.
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Migros grew net sales by 13.9% to TRY3.01bn. Top-line growth was buoyed by “strong” same store sales, the retailer said, and 108 new store openings, Migros said.
“The group remains committed to delivering double-digit turnover growth and stable operating profitability going forward,” the company said. “The combination of the accelerated store opening programme, Migros’ strong brand and the group’s focus on increasing market share through catalysts such as investment in private label pricing, is expected to continue to drive sales performance.”
