MİGROS RESULTS FOR Q1 2013

• Sales
  
  Q1 2013: TL 1,591m +9.3% (Q1 2012 TL 1,455m)
   
• Gross Profit
  
  Q1 2013: TL 422m +9.6% (Q1 2012 TL 385m)
   
• EBITDA
  
  Q1 2013: TL 105m +5.8% (Q1 2012 TL 99m)
   
• Continued focus on new store openings
  
  + 41 new stores in Q1 2013
   
Migros had again a strong performance in Q1 2013. A healthy growth coming both from same stores and new expansion resulted 10.4% calendar day adjusted sales growth. This helped an important market share gain within the national chains.

During the period, Migros continued to successfully implement its new store-opening programme, which is focused primarily on the Group’s core supermarket brands. A total of 41 new stores were opened during the quarter including 40 supermarkets and 1 hypermarket bringing the total number of Group stores at the end of March 2013 to 907.

Gross profit for Q1 2103 increased by 9.6% to TL 422m, representing a gross margin of 26.5% (Q1 2012: 26.5%). EBITDA for Q1 2103 increased by 5.8% to TL 105m, representing an EBITDA margin of 6.6% (Q1 2012: 6.8%), which remains slightly better than full year guidance, 6.0% - 6.5%.

Over the last few years, Migros’s growth strategy has successfully delivered double-digit top line growth, an expanded store base, market share gains and an enhanced competitive position. This has been combined with vigilance over costs and working capital management, which has enabled Migros to deliver stable margins and increased operational profitability. The resultant operational profit generation has facilitated a healthier balance sheet.

The company continued to focus on supermarket business in 1Q2013. A total number of 31 proximity stores including Migrosjet, M Migros and Mini Tansaş Stores were opened. On the other hand, the most of the sales area growth was driven by the opening of medium and large supermarkets.

Migros is on target to deliver a double digit sales growth for the full year of 2013. Gross profit margin is expected to be in the range of 25.5% – 26.0% and the EBITDA margin between 6.0% and 6.5%.

Migros Ticaret A.Ş.