Turkish discount retailer BIM has released its half year results, reporting a 23.6% increase in net sales to TRY 7bn (€2.4bn) and a 12.7% rise in like-for-like sales. Net income for the half rose by 3.9% to TRY 197.5m (€67.9m), although in Q2 this dropped by 3.3% to TRY 92.8m (€31.9m).

Store growth in Turkey continued at pace, with 344 stores opened in the first half, bringing the Turkish store count to 4,344, an increase of 12.5% versus last year.

Earlier this year, BIM revealed plans to open a premium supermarket banner, in a move away from the discount format, which it operates in with great success. The retailer’s international business also expanded, with 31 new stores opening in Morocco during the first half, raising the store count to 195 as of the end of June.

Meanwhile In Egypt, the retailer opened seven stores and is targeting to operate 85 stores by the end of 2014.

Private label share of sales also continued to grow, representing 69.1% of sales, an increase of 1.8% versus last year.

Source: www.igd.com