'Turkish Aldi' BİM On Course For Big FY10

Further emphasising BMI's view that Turkey's mass grocery retail (MGR) will outperform through 2010, leading discount retailer BİM Birlesik Magazalar A.S (BİM) has reported a 20% year-on-year (y-o-y) increase in net income to TRY66mn (EUR32.95mn). With sales revenues climbing by an even firmer 29% y-o-y to TRY1.58bn, the discounter is on course to meet its FY10 25% net income growth target in our opinion. Despite the global economic uncertainty, we do not see Turkey's MGR industry cooling down over the Q210-4 period (calendar).

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