BIM Birlesik Magazalar (BIMAS) Q2 2024 earnings summary

Executive summary

• Net sales reached TRY 109.3 billion in Q2 2024, up 8% year-over-year on an inflation-adjusted basis, with 333 new stores opened, bringing the total to 13,124 locations by quarter-end.

• Like-for-like sales rose 68% (unadjusted), with basket size up 62% and customer traffic up 3.5%.

• Revenue for the first half of 2024 reached TRY 221.7 billion, up from TRY 197.6 billion year-over-year, with net income at TRY 8.73 billion.

Financial highlights

• EBITDA margin was 3.3% (inflation-adjusted) and 6.5% (unadjusted) in Q2 2024; net income was TRY 4.5 billion (4.1% margin, inflation-adjusted) for Q2.

• Gross margin reached 16.8% (inflation-adjusted), up 110 bps year-over-year; unadjusted gross margin was 19.9%.

• CapEx was TRY 4.5 billion (4.1% of net sales, inflation-adjusted) in Q2; for the first half, CapEx totaled TRY 8.4 billion.

• Cash position at quarter-end was TRY 4.7 billion, with net cash from operating activities at TRY 16.2 billion for the first half.

• Earnings per share for the period was TRY 14.62, up from TRY 8.80 year-over-year.

Outlook and guidance

• Maintains full-year guidance of 75% sales growth and EBITDA margin of 7.5–8%.

• Expects normalization in EBITDA margin in the second half and continued positive real revenue growth.

• Guidance and investor analysis are based on financial data without inflation accounting for operational clarity.

• Inflation accounting under TAS 29 is applied due to hyperinflationary conditions in Turkey.