Turkish retailer Migros Ticaret has reported a 16.6-per-cent domestic sales-growth increase for 2015, as well as consolidated top-line growth of 15.6 per cent, amounting to TL 9,390 million (approximately €2942 million).
The company says that its private-label fresh category strategies and focus on brand variety have all been instrumental in helping to improve its competitive position and, ultimately, its sales performance over the last two years.
Migros Ticaret’s consolidated gross profit reached TL 2,526 million (€791 million) in 2015, and despite intensifying competition and price pressures, it maintained its gross margin and delivered consistently better top-line growth, as well as generating strong negative working capital.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) for 2015 were TL 602 million (€189 million), an increase of 13.8 per cent on the previous year. The EBITDA margin was 6.4 per cent, in line with the guidance of 6.0 per cent to 6.5 per cent.
Last year also saw the company surpass its expansion target by opening 257 new stores, which included three stores in Kazakhstan and five in Macedonia. In the first two months of 2016, 30 new stores were added to its store network in Turkey, bringing the total number of stores to 1,427.
Migros Ticaret aims to open 150 new stores this year while maintaining double-digit top-line growth.
© 2016 European Supermarket Magazine – your source for the latest retail news. To subscribe to ESM: The European Supermarket Magazine, click here.