BIM Birlesik Magazalar (BIMAS) Q2 2024 earnings summary

Executive summary

• Net sales reached 109.3 billion TL in Q2 2024, up 8% year-over-year on an inflation-adjusted basis, with net profit at 4.5 billion TL and a 4.1% net margin, supported by ongoing store expansion and positive traffic growth.

• 333 new stores opened in Q2, bringing the total to 13,124 by quarter-end, reflecting an 11% annual increase in store count.

• Like-for-like sales per store rose 67.7% year-over-year, with basket size up 62% and customer traffic up 3.5%.

• Investment spending totaled 4.5 billion TL in Q2, representing 4.1% of sales.

• BİM continues to consolidate domestic and international subsidiaries, including the Emek Yatırım acquisition.

Financial highlights

• Q2 2024 net sales: 109.3 billion TL (8% y/y growth, TMS 29 included); H1 2024: 221.7 billion TL (12% y/y growth).

• Q2 2024 gross profit: 18.3 billion TL (15% y/y growth); gross margin at 16.8% (inflation-adjusted), up 110 bps year-over-year.

• Q2 2024 EBITDA margin was 3.3% (inflation-adjusted); net income was 4.5 billion TL (4.1% margin, inflation-adjusted).

• Free cash flow for Q2 2024 was 4.8 billion TL, with a strong cash position maintained.

• Total assets increased to 200.6 billion TL as of June 30, 2024.

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.

• Dividend payments totaling 6.07 billion TL are scheduled in three tranches in H2 2024.

• No material changes in accounting policies or significant impact from new standards are expected.