Migros Türk Ticaret saw a sales increase of 13.9 per cent in the first half of 2012, reaching TRY3 billion, with a 13.4 per cent increase in the second quarter. Gross profit for the six months was also up, hitting TRY799 million with a 15.2 per cent spike, and gross profit margin stood at 26.6 per cent.
With domestic sales making up 86 per cent of the group's supermarket operations it is unsurprising that the company said its focus is on opening new stores in Turkey. First half sales revenues were boosted by the 108 new stores Migros Türk opened in the first six months of the year, including 105 supermarkets, two hypermarkets and one Ramstore. Already ahead of its expansion plans, the retailer reported that it has pushed up its targeted number of store openings for 2012 from 100 to 150.
Despite the emphasis on the domestic market, foreign sales jumped 20.8 per cent to TRY189 million.
The group said, "The combination of the accelerated store opening programme, Migros’ strong brand and the Group’s focus on increasing market share through catalysts such as investment in private label pricing, is expected to continue to drive sales performance." (29 Aug)
© 2012 - ESM: European Supermarket
