Leading Turkish retailers BIM and Migros Ticaret have revealed its results for the first half of 2015. BIM reported a 21.4% increase in net sales to TRY 8.4bn (€2.6bn) and a 38.3% increase in net income to TRY 273.1m (€86.4m). Like-for-like sales in the first half increased by 11.4%. Meanwhile, competitor Migros reported a 17.8% increase in net sales for the first half to TRY 4.4bn (€1.4bn), although it reported a net loss of TRY 111m (€34.5m).
Private label sales a priority for both retailers
BIM’s private label share of sales continued to grow, increasing by 0.6% to represent 69.7% of sales, while Migros revealed it had invested in the competitiveness of its private label range.
BIM opens over 300 stores, focusing on discount and supermarkets
BIM’s Turkish store openings continued at pace, with 302 new stores opening so far this year, including a small number of File supermarkets. The retailer aims to operate ten File stores by the end of this year.
Migros opened over 120 stores, focusing on convenience
During the first half, Migros opened 123 new stores, bringing its store count to 1,296. The convenience channel is a key priority, with the retailer opening 97 Migros Jet stores so far this year, allowing it to reach ‘out to a larger number of households’. Migros is also expanding the format at forecourts through collaboration with Petrol Olfisi, operating 62 Migros Jet forecourt stores at the end of the first half.
BIM’s international expansion continues
Internationally, BIM also continued its store opening programme, launching 22 stores in Q2 in Morocco, bringing the total store count to 258. The retailer now aims to operate close to 300 stores by the end of this year.
In Egypt, BIM opened 19 stores in Q2 2015, bringing the total store count to 116. The retailer now aims to operate at least 135 stores by the end of this year.
Mixed performance elsewhere in the market…
CarrefourSA has revealed its Q2 revenue increased by 12.1% to TRY 861.1m (€272.3m), alongside a net loss of TRY 19.1m (€6.0m).
Istanbul-based Kiler, which has recently been acquired by CarrefourSA, has also reported its Q2 results, revealing a 48.6% slide in sales to TRY 9.5m (€3.0m), alongside a net loss of TRY 12.4m (€3.9m).
Another retailer that has revealed its results is Adese, which reported an 8.0% increase in Q2 revenue to TRY 161.2m (€50.1m), alongside Q2 net profit of €1.0m
Turkish retailer Uyum has also revealed its results, reporting a 12.7% increase in Q2 net sales to TRY 118.7m (€37.5m). The retailer also returned to profit, reporting Q2 net profit of TRY 3.4m (€1.1m). The positive story also played out in the retailer’s like-for-like sales, which increased by 10.9%.