Migros results for Q2 2013

22 August 2013

Migros results for Q2 2013

  • Sales

    Q2 2013: TL 1,721m +10.8% (Q2 2012 TL 1,552m)
    H1 2013: TL 3,311m +10.1% (H1 2012 TL 3,007m)
  • Gross Profit

    Q2 2013: TL 456m +10.2% (Q2 2012 TL 414m)
    H1 2013: TL 878m + 9.9% (H1 2012 TL 799m)
    Q2 2013: TL 101m +3.8% (Q2 2012 TL 97m)
    H1 2013: TL 206m +4.8% (H1 2012 TL 196m)
  • Ahead of Original Store Expansion Plan

    + 112 new stores in H1 2013, reaching 967 stores

Migros again recorded another double digit top-line growth in Q2 2013. Revenues reached TL 3,311m in the first 6 months of the year with 10.6% calendar day adjusted sales growth. Market share gain within the national chains continued in H1 2013.

The Company is already ahead of its existing store expansion programme in H1 2013, mainly focusing on the Group’s core supermarket operations. 112 new stores were opened during the first half of the year including 109 supermarkets, 2 hypermarkets and 1 Ramstore; as a result, the total number of Group stores increased to 967 at the end of June 2013. There have been 51 new MigrosJet openings in the first half of the year bringing the number of MigrosJets to 129, which is higher than the year-end target of 125 stores. Furthermore, the Company opened 5 new Macrocenter stores in the first half, expanding outside of Istanbul in well-to-do catchment areas such as Bodrum, Çeşme and Antalya. In addition, the Company continued to re-configure its hypermarkets to optimize their size for a more efficient space allocation.

Gross profit for H1 2103 increased by 9.9% to TL 878m, representing a gross margin of 26.5% (H1 2012: 26.6%). EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) in H1 2013 increased by 4.8% to TL 206m, representing an EBITDA margin of 6.2% (H1 2012: 6.5%) and EBITDAR (EBITDA before rent expenses) margin of 11.1% in H1 2013.

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. These factors have been combined with vigilance over costs and working capital management, which have enabled Migros to deliver stable operational margins and increased operational profitability.

Migros is on target to deliver a double digit sales growth for the full year of 2013.

Migros Ticaret A.Ş.