Migros results for 2Q 2017
§ Store Network
2Q 2017: + 57 new stores, total of 1,844 stores
1H 2017: + 99 new stores
The 1H 2017 consolidated sales of Migros exceeded TL 7 billion representing a growth of 38.5%. The top-line growth including Kipa was stronger with 47.1% in 2Q 2017. Competitive pricing, effective seasonal campaigns, always aiming at giving more value to the shoppers and a steady expansion program all contributed to the surge in the sales growth in Turkey.
The consolidated gross profit rose by 33.8% in 1H 2017 corresponding a gross margin of 26.0% despite the dilutive impact of Kipa.
The consolidated EBITDA (Earnings before Interest, Taxes, Depreciation and Amortization) reached TL 348m, with 5.0% EBITDA margin, which was in line with the full year guidance of 5.0% to 5.5% including Kipa. EBITDAR (EBITDA before rent) increase was 25.9% y-o-y in 1H 2017, representing double digit margin of 10.0%. Although the Company’s profitability is undermined by FX losses in the first half, Migros disclosed a consolidated net profit of TL 789.5 million in 1H 2017. (1Q 2017: TL 907 million)
Mandatory tender offer for Kipa minorities completed on July 26, 2017 and the share of Migros in Kipa increased from 95.5% to 96.25%.
Please visit www.migroskurumsal.com for further information.
Migros Ticaret A.Ş.