+ 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 Tansa? 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 AS, formerly Migros Turk TAS, is a Turkey-based company that operates in the food and consumer goods sector. The Company is engaged in the retail sale of all types of food products and consumer goods, as well as their wholesale for retail consumption. Migros Tocaret AS's offering includes a selection of stationer, glass and kitchenware, appliance, book, recorded media, clothing and other necessities. The Company also operates shopping malls in Turkey and abroad through its subsidiaries. The Companyâs brands include Migros, Tansas, Macrocenter and 5M. Migros Ticaret AS's wholly owned subsidiaries are Sanal Merkez TAS, Ramstore Bulgaria EAD and Ramstore Kazakhstan LLC. The Company is a subsidiary of MH Perakendecilik ve Ticaret AS.