TURKEY: Migros Ticaret sees 2015 sales growth of 16% | Progresiv
Turkish retailer Migros Ticaret has reported a 16.6%domestic sales-growth increase for 2015, as well as consolidated top-line growth of 15.6 %, amounting to 9,390 million Turkish Lira (approximately 2,942 million euros). 
The company says that its private-label fresh category strategies and focus on brand variety have all been instrumental in helping to improve its competitive position and, ultimately, its sales performance over the last two years.
Migros Ticaret’s consolidated gross profit reached 2,526 million Turkish Lira (791 million euros) in 2015, and despite intensifying competition and price pressures, it maintained its gross margin and delivered consistently better top-line growth, as well as generating strong negative working capital.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) for 2015 were 602 million Turkish Lira (189 million euros), an increase of 13.8 %on the previous year. The EBITDA margin was 6.4 %, in line with the guidance of 6.0 %to 6.5 %.
Last year also saw the company surpass its expansion target by opening 257 new stores, which included three stores in Kazakhstan and five in Macedonia. In the first two months of 2016, 30 new stores were added to its store network in Turkey, bringing the total number of stores to 1,427.
Migros Ticaret aims to open 150 new stores this year while maintaining double-digit top-line growth. (www.esmmagazine.com)
