BIM to enter Morocco

March 14, 2008 |

Planet Retail 13 Mar 2008

Turkish hard discount retailer BIM has this morning disclosed that it recorded a growth in turnover of 34% in the financial year 2007 up to TRL2.98 billion (USD2.52 billion), with like-for-like net sales boosting by 16% when compared with 2006. According to BIM CEO, Jos Simons, the financial targets for the year were exceeded as its gross profit climbed by 34% to TRL525 million (USD444 million), EBITDA by 53% and net income by 50%. The number of stores went up by 19%, from 1,454 to 1,734 outlets, while two new regions, located in Kayseri and Aydin, were added to the existing 14. The number of daily customers per store increased by 5%, up to 700. In the same time, BIM extended its private label share from 45% to 51%. For the current financial and calendar year 2008, Simons has forecast a sales growth of around 35% with more than 300 new stores. Also, the discount store operator for the first time confirmed reports that it is planning to enter the Moroccan market by the end of this year.

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