Migros Ticaret raises FY forecast after strong H1 | Progresiv

Migros Ticaret, Turkey’s largest retail chain, has raised its sales growth forecast for the full year after reporting a strong set of results for its fiscal first half.

For the six months, consolidated sales jumped up 20.3% to 8.5bn lira, with EBITDA surging up 39.5% to 486m lira.  Sales in the domestic market (excluding Kipa) improved in the second quarter.

Migros opened 134 new stores in the half, and now says it plans to open 200+ outlets in the full year, up from its previous estimate of 120-150 new outlets.  It also expects full-year sales to grow by around 20%, compared to an earlier forecast of 15%-18% growth. (www.kamcity.com)