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November 12, 2013

TURKEY: Mixed results from retailer Migros Ticaret

Turkish retailer Migros Ticaret run up a net loss of TRY306.6m for the first nine months of 2013 - but pointed to higher EBITDA, sales and market share.

By Dean Best

Turkish retailer Migros Ticaret run up a net loss of TRY306.6m (US$149.8m) for the first nine months of 2013 – but pointed to higher EBITDA, sales and market share.

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Migros Ticaret’s loss for the period to the end of September came after a sharp increase in finance costs and compared to a TRY117.1m a year ago.

EBITDA grew 6.9% to TRY342m as sales increased 9.9% to TRY5.31bn. The retailer said it was “on target” to book a double-digit rise in sales for the whole of 2013.

By the end of September, Migros Ticaret had 995 stores. It has opened 135 supermarkets and two hypermarkets in Turkey this year, as well as five Ramstores – four in Macedonia and one in Kazakhstan.

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