§ Store Network

2Q 2017: + 57 new stores, total of 1,844 stores

1H 2017: + 99 new stores

Financial Highlights

The 1H 2017 consolidated sales of Migros exceeded TL 7 billion representing a growth of 38.5%. The top-line growth including Kipa was stronger with 47.1% in 2Q 2017. Competitive pricing, effective seasonal campaigns, always aiming at giving more value to the shoppers and a steady expansion program all contributed to the surge in the sales growth in Turkey.

The consolidated gross profit rose by 33.8% in 1H 2017 corresponding a gross margin of 26.0% despite the dilutive impact of Kipa.

The consolidated EBITDA (Earnings before Interest, Taxes, Depreciation and Amortization) reached TL 348m, with 5.0% EBITDA margin, which was in line with the full year guidance of 5.0% to 5.5% including Kipa. EBITDAR (EBITDA before rent) increase was 25.9% y-o-y in 1H 2017, representing double digit margin of 10.0%. Although the Company's profitability is undermined by FX losses in the first half, Migros disclosed a consolidated net profit of TL 789.5 million in 1H 2017. (1Q 2017: TL 907 million)

Operational Highlights

Mandatory tender offer for Kipa minorities completed on July 26, 2017 and the share of Migros in Kipa increased from 95.5% to 96.25%.


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Migros Ticaret A.Ş.

Migros Ticaret AS published this content on 10 August 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 10 August 2017 16:35:02 UTC.

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