Page 75 - TURKRptFeb20

9.2.4 Retail corporates
● BIM
BIM targets 23-27% y/y turnover growth and 4.5-5.5% pre-IFRS EBITDA margin for 2020. It also targets to open 820 stores (700 BIM, 30 FILE and the rest abroad).
“BIM does not see any improvements so far in 4Q19 compared with 3Q19, in terms of traffic and consumer sentiment... we do not see any risks either [for 2019 targets]..., no positive surprise is in the cards for the top line in 4Q,” BGC Partners said on November 11 in a note following BIM 3Q19 Conference Call .
● Migros
Migros plans to add 120 stores to its network in 2020 while targeting 15% to 16% growth in consolidated sales, the company said in January.
Migros, one of Turkey’s largest supermarket chains founded in 1954, revised up its turnover growth target for 2019 to 23-25% from a previous 20% and its EBITDA margin target to 6-6.5% from a previous 6%. The company targeted to open 100 new stores in total in 2019.
Migros operated a total of 2,198 stores, including outlets in Macedonia and Kazakhstan as of end-2019, up from 2,103 at end-2018. The company employs more than 32,000 people.
Total per capita grocery spending is $1,100 in Turkey.
Turkey spent a total of Turkish lira (TRY) 333bn (around €50bn) on groceries in 2018. Some 62% of the market was taken by unorganised retailers.
As of end-September 2019, Migros’s share in Turkey’s fast moving consumer goods (FMCG) market was 7.9%, while in the modern FMCG segment it was 17.7%.
For January-September, Migros reported a net loss of TRY202mn, down from the TRY1.2bn loss in the same period of 2018.
The retailer reported a 24.7% y/y increase in sales to TRY17.2bn in the first nine months of 2019.
In July 2015, Anadolu Endustri Holding became the indirect owner of 40.25% of Migros’ shares by acquiring an 80.5% stake in MH Perakendecilik. In May
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