Migros results for 3Q 2017
§ Store Network
3Q 2017: + 52 new stores, total of 1,863 stores
1H 2017: + 99 new stores
Migros’ consolidated sales exceeded TL 11.3 billion representing a growth of 38.8% in 9M 2017. Domestic sales continued its strong performance on the back of a robust same store performance and achieved a growth of 39.8% in 3Q 2017 (incl. Kipa). Customers continued to appreciate Migros’ efforts in giving them the best value for money through our initiatives in private label and fresh categories. In addition, seasonal stores performed well thanks to the recovery in summer resort destinations.
The consolidated gross profit rose by 36.7% in 9M 2017 corresponding a gross margin of 26.5%. The consolidated EBITDA (Earnings before Interest, Taxes, Depreciation and Amortization) reached TL 646m, with a margin of 5.7% in 9M 2017. EBITDA margin without Kipa improved 50 bps over a year ago and reached 7.5% in 3Q 2017. Furthermore, EBITDAR (EBITDA before rent) increase was strong with 30.8% y-o-y in 9M 2017, representing a margin of 10.6%. Although the Company’s profitability is undermined by FX losses in the first nine months of the year, Migros disclosed a consolidated net profit of TL 719 million in 9M 2017. (1H 2017: TL 789.5 million)
Migros opened 151 new stores in the first nine months of 2017 including 52 new store openings between July and September. The Company is expected to open more than 30 stores in the last quarter of the year to reach 2017 full-year new store openings guidance of 180+ stores.
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Migros Ticaret A.Ş.