In the first three months of the year, the company opened 98 new stores, corresponding to an average of 1 store opening per day, while the number of stores it provides online service increased to 968 in the first three months of 2023.
Increasing its prevalence with its physical and online stores in the first quarter of 2023, Migros increased its investments and market share with its competitive prices and stronger balance sheet.
Migros announced its financial results for the first quarter of 2023. According to the statement, in the first quarter of 2023, the company increased its market share by reaching a much wider customer base within the framework of its competitive pricing strategy in all categories including fruit and vegetables, meat and fast moving consumer goods. Increasing its prevalence with both its online and physical stores, Migros opened 98 new stores in the first three months of the year, corresponding to an average of more than 1 store opening per day, while the number of stores it provides online service increased to 968 in the first three months of 2023.
Migros’ consolidated sales increased by 122% in the first three months of the year to reach ₺27.2 billion, while Consolidated EBITDA increased by 84% year-on-year to ₺1,776 million. The company’s net cash position and total equity also improved, while the stronger balance sheet contributed to the development of net profit.
In line with its strong sales momentum in the first quarter, Migros revised upwards its consolidated sales growth expectation from 75-80% for 2023 to 80-85%. In line with its sustainable growth strategy, Migros continues its investments with the contribution of its resources obtained from productivity, and aims to invest ₺4 billion in 2023, to open approximately 365 stores and to create 10 thousand new jobs.
Migen Energy will be operational in more than 15 provinces in 2023
Migros’ new online food platform “Migros Yemek” (Migros Food Delivery) is available in 22 provinces, while its service network is planned to be expanded to include 81 provinces by the end of 2023. Migros aims to expand the restaurant network that provides online food service with the commissioning of distribution facilities.
Migros’ newest venture, Migen Energy, currently has 20 electric vehicle charging stations in 9 provinces. By the end of 2023, more than 50 charging stations are planned to be commissioned in more than 15 provinces.
Source: AA / Prepared by Irem Yildiz