• Sales
  4Q 2014: TL 2,090m +15.2% (4Q 2013: TL 1,815m)
  FY 2014: TL 8,123m +14.0% (FY 2013: TL 7,127m)
• Gross Profit
  4Q 2014: TL 558m +13.0% (4Q 2013: TL 494m)
  FY 2014: TL 2,166m +14.3% (FY 2013: TL 1,895m)
• EBITDA
  4Q 2014: TL 131m + 2.9% (4Q 2013: TL 127m)
  FY 2014: TL 532m +13.4% (FY 2013: TL 469m)
• EBITDAR
  4Q 2014: TL 236m + 8.8% (4Q 2013: TL 217m)
  FY 2014: TL 934m +14.9% (FY 2013: TL 813m)
• Store Network
  4Q 2014: + 64 new stores in 4Q 2014
  FY 2014: + 199 new stores in 2014, total of 1,190 stores

Financial Highlights
Migros’ consolidated sales reached TL 8,123m in 2014, corresponding to a yearly sales growth of 14.0%. In the fourth quarter alone, sales turnover grew by more than 15% versus the same period of last year. Top-line growth was boosted by new store openings and the improved performance of existing stores in 4Q 2014. According to Nielsen data, Migros’ market share in the Modern FMCG Market continued its improvement in the third consecutive year with an increase of 20 bps in 2014 reaching 14.7%. With further investment into private label pricing and aggressive promotions, Migros has increasingly become more price competitive in the market.

Migros’ gross profit for 2014 increased 14.3% to TL 2,166m, representing 26.7% of sales (2013: 26.6%). Focus remained on improving operational efficiencies throughout the year. EBITDA (Earnings before Interest, Taxes, Depreciation and Amortization) increased by 13.4% to TL 532m in 2014 and the EBITDA margin resulted in 6.5% (2013: 6.6%). EBITDAR (EBITDA before rent expenses) increased by 14.9%, representing a margin of 11.5% in 2014. The Company continued to register a sizable growth in sales also in the last quarter of 2014, while delivering on what it believes to be healthy and sustainable profitability targets.

Operational Highlights
Quarterly sales growth gained momentum throughout the year, from 11.4% in 1Q 2014 to 14.2% in 2Q 2014, 14.7% in 3Q 2014 and finally to 15.2% in 4Q versus last year. In 2014, the Company added to its network 199 stores in Turkey including 3 hypermarkets, and 2 Ramstores and 1 Macrocenter in Kazakhstan.

While opening three new compact hypermarkets in Diyarbakır, Aydın and İstanbul, the Company continued its space optimisation in existing hypermarkets. As a result, store metrics including sales area efficiencies of existing hypermarkets improved markedly in 2014. Proximity supermarkets continued to expand rapidly with Migros Jet stores reaching 273 stores as of December 31, 2014. The Group’s total number of stores reached 1,190 at the end of December 2014.

The Company delivered on all its targets for 2014 in terms of store expansion (Guidance: 200, Actual: 199), annual consolidated sales growth and EBITDA by achieving a 14% sales growth with an underlying EBITDA margin of 6.5%.



Migros aims to open 150 to 200 new stores and maintain double digit top-line growth in 2015 as well as an EBITDA margin between 6.0 and 6.5%. 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.