'Turkish Aldi' BIM Capitalising On Discount Boom

Under the backdrop of a forecast 6.2% GDP contraction in 2009, Turkey's largest discount grocery store operator BIM performed dynamically in H109 (the six months through to June 30). Spurred on by store launches and the discount segment's appeal to price-sensitive consumers, the retailer reported a 24% year-on-year (y-o-y) increase in sales to TRY2.51bn (EUR1.2bn). First half net income increased by 57% y-o-y, coming in at an above consensus TRY132mn. BMI expects industry-wide discount store sales to increase by 13.8% y-o-y in 2009, which compares favourably with a forecast 3.4% increase in wider mass grocery retail (MGR) sales.

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