• Sales
  3Q 2014: TL 2,295m +14.7% (3Q 2013: TL 2,001m)
  9M 2014: TL 6,032m +13.6% (9M 2013: TL 5,312m)
• Gross Profit
  3Q 2014: TL 613m +17.2% (3Q 2013: TL 523m)
  9M 2014: TL 1,608m +14.8% (9M 2013: TL 1,401m)
• EBITDA
  3Q 2014: TL 166m +21.5% (3Q 2013: TL 137m)
  9M 2014: TL 401m +17.3% (9M 2013: TL 342m)
• EBITDAR
  3Q 2014: TL 272m +19.7% (3Q 2013: TL 227m)
  9M 2014: TL 698m +17.2% (9M 2013: TL 596m)
• Store Network
  3Q 2014: + 53 new stores in 3Q 2014
  9M 2014: + 135 new stores in 9M 2014, total of 1,128 stores

Financial Highlights
In the first nine months of the year, Migros’ consolidated sales reached TL 6,032m, corresponding to a sales growth of 13.6% versus same period of last year. In the third quarter alone, sales grew by 14.7% versus the same period of last year. New store openings and the improved performance of existing stores continued to stimulate top-line growth in 3Q 2014. According to Nielsen data, Migros’ market share in the Modern FMCG Market improved by 50 bps to reach 15.5% since September 2013.

Gross profit for 9M 2014 increased 14.8% to TL 1,608m, representing 26.7% of sales (9M 2013: 26.4%). Migros continued to focus on operational efficiencies including supply chain. EBITDA (Earnings before Interest, Taxes, Depreciation and Amortization) increased by 17.3% to TL 401m in 9M 2014 and the EBITDA margin increased to 6.7% (9M 2013: 6.4%). EBITDAR (EBITDA before rent expenses) increased by another 17.2%, representing a margin of 11.6% in 9M 2014.

Operational Highlights
Sales growth gained momentum, increasing from 11.4% in 1Q 2014 and 14.2% in 2Q 2014 to 14.7% versus last year. In the first nine months of the year, the Company added to its store portfolio 135 stores, including 3 hypermarkets, in Turkey and 1 Ramstore and 1 Macrocenter in Kazakhstan.

In the press release for the financial results of 2Q 2014, the Company had revised its new store openings guidance from 100-150 stores to at least 150 stores in 2014. Furthermore, the Company updated its new store openings guidance at the end of September, from minimum 150 to around 200 stores in 2014.

While opening three new hypermarkets in Diyarbakır, Aydın and İstanbul in the second quarter, the Company continued its space optimisation in existing hypermarkets in order to increase its sales area efficiencies. Proximity supermarkets continued to expand rapidly with 8 new Migros Jet 7/24 forecourt stores at petrol stations in 3Q 2014 and with the total number of Migros Jet stores reaching 236 in September 2014. The Group’s total number of stores reached 1,128 at the end of September 2014.

Over the past years, Migros’ growth strategy has successfully delivered double-digit top line growth, a continuously expanding store network and more market share supported by an enhanced competitive position. These factors, as well as vigilance over costs and working capital management, have enabled Migros to deliver a stable operating margin.

Please visit www.migroskurumsal.com for further information.

Migros Ticaret A.Ş.