Migros Ticaret’s decision to focus on specific channels boosted its core earnings in 2011, the Turkish retailer has insisted, despite the company reporting losses of TRY163.2m (US$91m).
Finance costs hit Migros Ticaret’s bottom line last year, although it reported an increase in operating profit and EBITDA.
The retailer, which has stores in Kazakhstan and Macedonia, as well as Turkey, booked a 6.4% increase in operating profit to TRY232.4m. Its EBITDA increased 11.1% to TRL386m. Turnover was up 11.5% at TRY5.8bn.
Last year, Migros Ticaret sold its discount chain Sok to Turkish conglomerate Yildiz Holding, which also owns food manufacturer Ulker.
Migros Ticaret also opened 77 supermarkets and hypermarkets and said its decision to focus on other channels had led to the increase in EBITDA and sales.
“Our supermarket focused approach brought double-digit growth in both turnover and profitability,” general manager Özgür Tort said on Tuesday (10 April).
The company is targeting turnover in 2012 of TRY6.4bn.
Click here for the company’s statement and here for its accounts.
