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BIM Profit Surge Outpaces Forecasts

Discount retailer BIM has seen its third-quarter profit more than double, easily beating analysts’ estimates. For the quarter, net profit surged up 122% to 55.66m lira (E25.2m), from 25.02m lira last year.

Sales were up a strong 22% year-on-year to 1.4bn lira (E632m), also beating forecasts.

The chain also reported that net profit for the January-September period was up 75% to 162.1m lira, while sales grew by 23% to 3.91bn lira.

One analyst noted, “The top line growth is in line with estimates but EBITDA was better than expectations. I do not think it will have a significant impact on the share price”.

The chain has 2,550 stores, and has had a good year with budget-conscious shoppers turning to its discount offer during the recession.

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