BIM reported its third quarter (Q3) results for the period ended 30 September 2014.
- Net sales increased 21.5% year-over-year (y-o-y) to TRL3.75 billion as compared to TRL3.08 billion in the prior year.
- Like-for-Like (LFL) sales increased 11.0%
- Year-to-date LFL sales increased 12.4% y-o-y.
- Gross Margin decreased 300 basis points to 15.7%
- Operating profit increased 6.0% to TRL176.5 million.
- Net profit decreased 1.5% and reached TRL115.4 million
BIM added 83 stores (62 new stores in Turkey, 13 in Morocco and 8 stores in Egypt) during Q3.
As of 30 September 2014, BIM operated a network of total 4,681 stores (4,406 in Turkey, 208 in Morocco and 67 in Egypt).
FY 2014 Guidance: Expects to add 70 new stores in Morocco and 50 stores in Egypt during the year.