Turkish supermarket retailer Kipa has posted a net profit of 2.6trn Turkish lira (US$1.78m) for the first nine months of 2003, compared to a profit of 5.9trn lira in the year-ago period.
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Kipa’s operating profit fell to 1.3trn lira, from 2.8trn lira a year earlier, while domestic sales rose to 223.9trn lira from 173.6trn lira, reported the Turkish News Digest.
Last week, UK supermarket operator Tesco announced that it had acquired Kipa, which operates five hypermarkets in the Aegean region.
“The acquisition of Kipa is an important step in our international strategy for long term growth. It is a great opportunity and an ideal entry vehicle: Kipa has a small and profitable chain of hypermarkets operating in a growing market. We will be working with existing management and three of the current Kipa directors to serve Turkish customers even better,” said Tesco chief executive Terry Leahy.
Elsewhere, Tesco this week opened its 100th store in central Europe. The new store, situated in Budapest, brings the number of Tesco’s stores in Hungary to 32. So far in 2003, Tesco has opened 22 hypermarkets in central Europe, reported the Hungarian News Digest.
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