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Turkey’s Retailing Sector Analysis

RETAILING INDUSTRY in terms of Food- Non Food * Sectorial Overview; Retailing is the business activity that involves selling products/services to customers for their non-commercial, individual or family use.Normally, retailing is the final stage of the distribution process.The middle and long term potential of Turkey retail industry continue remaining attractive.

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Companies in sector support the sectorial expansion with their expansion strategies, negative business administration fund and powerful cash creating capabilities.

The defensive structure of sector and low penetration strengthen this situation. With the increase in consumer demand, rapid urbanization, increase in large scale retail investments the number of shopping malls in Turkey increased by more than 20% in the last two years. In the same period, the total surface rent area in Turkey increased by more than 30% and reached As it can be seen on the graph below; the total size of the retail sector (organized and unorganized) in Turkey is expected to reach $355 billion in 2013 and grow with 10% until 2016. (See Figure 1 in Appendix)

Organized retail, a highly promising segment due to increasing per capita consumer spending and relatively weaker presence up to now in comparison with developed markets, is estimated to be 40% of the total retail industry in Turkey. (See Figure 2 and Figure 3 in Appendix) * The share of organized retail continue increasing; The share of organized retail which has the level of %25 in the total retail market in 2000 exceeds the levels of %50 according to the 2013 predictions. Turkey organized retail market achieve an impressive growth in last 10 years.

It is anticipated that the share of organized retailers increase from the level %47 to the level %60 in upcoming 5 years. It is anticipated that the share of organized retail increases to the level of %60 till 2015. While the food retail segment constitute more than half of total retail market, traditional structure such as local markets and groceries still dominates the market. It is expected that approximate number of 10. 000 organized retail store will be twofold in 5-6 years. Besides, it is predicted that the number of groceries will be regress from 150. 00 to 100. 000 at the same period. Turkey, with its 105 milliard dollars sales figure, is located in 6th line in Europe retail sector. Nevertheless, while the total share of 5 biggest players in Europe is approximately %50, it is %20 in Turkey. Organized Retail Sector is the fastest expanding canal discount merchandising. It is expected that the number of approximately 6. 000 discount stores in Turkey will be twofold in upcoming 4 or 5 years. With the support of increase in the income per capita, %12 growth is anticipated in retail sector between 2009 and 2015.

The discount store chain in Turkey (such as A101, SOK, BIM, DIASA) have a very fast growth schedules. BIM is placed in the first row in discount merchandising with its large store quantity. The company is planning to open 300 or 350 new stores every year. The fast increase in store quantities supports scale economy and companies are able to pull down their sale prices thanks to the decline in costs. With the effect of increasing competition in sector, it is expected that the growth accelerate with purchasing in forthcoming years. Despite the high competition, the retail sector is enlarging expeditiously; 6 major organized food retailing brand constitute %37 of total market in spite of divided structure. It is expected that it will be inorganic growth, merchandising and reunions, thus the companies will achieve more competitive charges by increasing their purchasing power in 2013 and later on with the intensity of competition. 2 Major Retailing Companies in the Sector; MIGROS vs BIM BIM and MIGROS which are the prominent players of Turkey food retail sector, are analyzed in this assignment in terms of their financial analysis.

In retailing sector, these 2 companies have a great effect and they are known as most powerful competitors with their shares all over the industry. Migros has 6% and BIM has 9% industry shares. (See Figure 4 in the Appendix) 1) BIM BIM (Birlesik Magazalar A. S. ) adopts as a principle the supply of the highest quality basic foodstuff to consumers, at the best possible prices. BIM began its operations in 1995 with 21 stores and in line with this principle. BIM’s product portfolio comprises around 600 products. 44. 12% of BIM shares started to be traded in Istanbul Stock Exchange in 15 July 2005.

BIM is the first representative of high level discount model in Turkey and the company got in stock market return for its rapid growth. While BIM finishes its 7th year in stock market, it became the 12th company that has highest market value of Turkey. * Board of Directors Mustafa Latif TopbasChairman of the Executive Committee Ekrem PakdemirliVice Chairman of the Board Mahmud MeraliBoard member and has chaired the Audit Committee Jos SimonsBoard member and consultant. Omer Hulusi TopbasBoard member. Yalc? n OnerBoard member. Dr. Zeki Ziya SozenBoard member. Turnover doubled to six; The rapid growth of the company had an effect on the rise of BIM , whose capital’s 17,43 per cent belongs to Mustafa Latif Topbas, in stock market. (See Table 1; Structure of BIM’s Shareholders) BIM ‘s sales revenues were 1. 4 billion TL . In the end of 2011, this revenues reached to 8. 2 billion TL. Also, the personnel number of the company increased approximately 3 times in 7 years. In the end of 2010, BIM became the endorsement leader with 6. 5 billion TL in the retailing sector of Turkey and it maintained this position in 2011.

As abroad, while the company increases the number of stores in Morocco, aims Egypt for the next year. This year, BIM also started to operate in mobile communication industry with the name of BIMCELL. * Growth Strategy; Aggressive Growth among the competitor companies that strength After 11% increase in number of stores in 2011, with the number of 3.

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584 stores in 2012, BIM is the retailer that has the largest store network in Turkey. (See Figure 5; Number of Stores ) BIM plans to open 400 new stores in 2013 and reach 5. 500 stores in 2015.

With the store numbers increases there also has been 14% increase in number of employees in the company in 2011. BIM has been expanding their business, operations in every part. (See Figure 6; Number of Employees) These increases in operation side lead to an increase in number of average daily customers with 14% in 2011. (See Figure 7; Average number of Daily Customers) Of course with these changes, company carried out a 25 percent net sales increase over the industry average in 2011 and 2012. (See Figure 8; Sales and Gross Profit Margin) It is estimated that a sales increase over 20 per cent in 2013.

Depending on this net sales growth, Company’s net profit has been increased by 22% over the last three years. Due to the increase in net sales; margin values regarding net profit, gross profit, EBIT, EBITDA have been decreased over 3 years. (See Figure 9; Net Profit and Net Profit Margin) With the effect of net sales increase, EBIT has been increased to 347,5 in 2011 ( See Figure 10; EBIT and EBIT margin) These was a 19%increase in company’s EBITDA and this means that there is an increase in amortization so we can say that company increased their asset purchases as we can see on the related figure. See Figure 11; EBITDA and EBITDA margin) * 18 times has been increased in 7 years; BIM began to be traded with 672. 9 million TL of market value in July, 2005. The value of the company increased approximately 18 times in 7 years based on TL. The increase in BIM stocks since the first trading day was 1. 861 per cent. As a result of its rapid growth, BIM’s market value is the over of the Erdemir, Arcelik, Ford Otosan, Finansbank and Vak? fbank in addition to Tupras that is the Turkey’s largest industrial enterprise and refinery giant.

Also, BIM has paid its shareholders a total dividend of 700 million TL in the period of 7 years in the stock market. (See Figure 12; BIM Dividend Payment over the last 5 years). As the company’s profit increased dividend payments are increased also. There has been a positive relationship between them. This is a very good indicator for the company’s investors who already invested in BIM’s shares and who are planning to invest. Also as a result of the increase in BIM’s stock prices and stock revenues; value of the company also increased. So, this situation put the company’s principal shareholder, Mustafa Latif Topbas, to the Forbes list. On the other hand, for each stock BIM has really high returns and it brings some important risks also for the investors. (See Figure 13; IMKB 100 vs. BIM Stocks) When we compare the situation of BIM’s stocks in Imkb 100 with stocks of MIGROS, BIM has a higher return, profit for the investors and because the returns and prices of BIM higher than IMKB 100 and because there is a really important difference between the line according to Figure, BIM’s stocks are also operated and valued in IMKB 30. Why is it rising? * The rapid growth in the number of stores and endorsement. * The high capacity of dividend payment.. * Increasing profitability of the company every year. * To expand abroad with Morocco. * To bring new revenues with BIMCELL. *3/4 of the shares in stock market is belonged to foreigners. * Growth Targets in Egypt after Morocco: BIM will open stores in Egypt by 2013. The company estimates that the growth in Egypt will be faster compared to the growth in Morocco. Recently, BIM operates in Morocco with 103 stores.

And the company plans to open 50 new stores in Egypt every year after 2013. 2)MIGROS Originally established in Turkey in 1954 as a collaboration of the Swiss-based Migros Cooperatives Society and the Istanbul municipality, Migros’s primary mission was to supply economically priced groceries and household supplies to consumers in Istanbul under wholesome conditions. In 1975 the Koc Group acquired a majority stake in the company, following which there was a steady increase in both number of its stores and its brand value for more than a decade.

In 1991, Migros became the first publicly traded company in retail. Following a Koc Group strategic decision to pull out of grocery retailing, in February 2008 Koc Holding signed an agreement to sell its 50. 83% stake in Migros to Moonlight Perakendecilik. Transfer of the shares took place on May 30th of the same year. On 30 April 2009, Moonlight Perakendecilik (now known as Migros Ticaret A. S. ) and Migros Turk T. A. S. were merged into a single company which has since been operating under the name “Migros Ticaret ” and whose principal shareholder is MH Perakendecilik ve Ticaret A. S.

In 2005 Migros further bolstered its leadership of Turkey’s food retailing sector with its acquisition of Tansas, another national chain As of end-2011 Migros was operating through a total of 745 national and international locations. With a national presence in all seven of Turkey’s geographical regions taking the form of 262 “M”, 190 “MM”, 59 “MMM”, and 16 “5M” Migros-branded stores and of 177 “Tansas” and 13 “Macrocenter” stores, its international footprint consisted of 23 Ramstores in Kazakhstan and another 5 in Macedonia. ( See Figure 14,15 ; Breakdown of Net Sales Area by Store Brands of MH Group) Distribution of Dividend According to latest data from the company’s official web-site, at the company’s Annual General Meeting held on May 20, 2010, it was decided to distribute a gross cash dividend of TL 195,833,000 to the shares representing TL 178,030,000 capital and the dividend disbursement is to start on May 28, 2010. On July 30th, 2009, it was decided to distribute the dividend of the free reserves after setting aside the reserves required by law to the share certificates representing the capital of TRY 178,030,000 and to use TRY 2,492,420,000 from this source for the distribution of gross cash dividends. See Table 2; Structure of Migros’s Shareholders) * Growth Strategy: The company increased its total store number to 745 in 2011. (See Table 3) and 2012, they increased the stores to 874 by opening 142 new stores. The company is planning to open 100 new stores in 2013. It is expected that the company will maintain rapid growth and increasing operation profitability in 2013 by focusing on its main operations. In addition to this, in 2013, it is estimated that the company will have 13% sales growth in year basis and 6. 4% EBITDA margin. * The positive effect of selling of “SOK” on Profitability.

After selling SOK Discount Stores, thanks to high margins of supermarket segment and improvements in operational management and supply chain, Migros’s EBITDA margin increased in 2011. It increased from 5. 7% in 2011 to 6. 5% in 2011. While Migros leave the channel of low margin discount retailing that is in intense competition, it will increase its penetration in supermarket segment that it is the leader in. In the medium term, 6. 0%- 6. 5% is the sustainable margin level. It is expected that sale, partnership and the reunion debates of Migros and CarrefourSa in 2013 will close the sale after getting purchased the food by Makro. BC Partners’ expectation of selling the share of Migros, BC Partners (MH Retailing) which is %80,5 shareholder of Migros is a private equity company centered in London. In spite of the fact that it is expected that BC Partners will sell their quantum of Migros in between 2013-2014, there is no explanation about the time period. It is thought that, despite the aggressive growth strategies of Migros continue, the quantum sale in 2013 is highly possible. In the case of selling deal, it is possible to be made a call for minor shareholders. * Company’s Stock Returns in IMKB 100

When we compare the Migros Stock Returns we can say that, the prices of each stocks are less than BIM’s stocks and their returns are above the IMKB 100 line. This situation makes company’s stocks profitable but at the same time it may mean a high risk for the investors ( See Figure 17; IMKB 100 vs. MIGROS Stocks) Analysis of Financial Ratios of BIM & MIGROS (See Tables 4,5,6) 1) Liquidity Ratios Current Ratio: This ratio is commonly used as an index for current financial position and used for measuring company’s ability to pay short-term debts and determining the company’s net working capital if it is enough or not.

Generally it is expected to be 2,00. The ratio of 1 is also acceptable. When we look at both companies both of them may have some difficulties to pay their short-term liabilities. For the firms which has a high level of inventory turnover ratio and receivable turnover ratio like Bim, they are able to pay their short-term debts easily. Quick Ratio: It is a more sensitive ratios than current ratio. It shows us the ability of firms to pay their short-term liabilities when they have no sales growth, when their sales stops. It is expected to be 1. The ratios of both firms are less than deal number so receivable accounts and cash cover short term liabilities and their abilities to pay are not good but at least both firms’ ratios are higher than industry ratio and this brings these 2 companies in a better position in terms of short-term debts. Cash Ratio: It is most sensitive liquidity ratio. Generally, this ratio is not expected to be under 0. 20. As both firms cash ratios are higher than industry ratio, it won’t difficulties for paying their debts in the condition of lack of sales and getting their receivables. Additionally, company is holding more cash than needed.

Net Working Capital: If the value of networking capital is minus, this means company’s current liabilities are more than current assets. This is the main reason for the company which finance its current assets with current liabilities. This is the case for BIM. We can say that company might have done current assest investments. We can say that BIM has some problems in terms of liquidity. Migros has positive networking capital and it has no liquidity problem. 2) Leverage Ratios Total Debt Ratio: This ratio is expected to be under 50%. With 0. 64, 0. 63 and 0. 64 ratios according to three years, BIM has higher values than this ideal ratio.

When we look at industry ratio, it is 2,00. This ratio tells us, foreign resources are used for financing assets by the rate of 0. 64. It shows that BIM can pay its debts by selling assets when the operation stopped. This is the same for Migros expect the year 2010. It has a very high ratio, even higher than the industry level which is 2,41. Debt to Equity Ratio: This ratio can be equal to 1 or higher than 1. If it is higher than 1, it means difficulties in paying debts and interests or if it is lower than 1, it means company finance their assets by using its equities. The industry ratio is 1. 3. By looking Migros’s DTE ratios, they mostly finance their assets by using their equities instead of using foreign resources and they will have no difficulties while paying their debts, liabilities in the future. But when we compare it with the industry which is almost 1, Migros will have less advantage in any crisis condition. In this case, Bim has a more advantageous position than Migros because its ratios are closer to industry ratio and ideal ratio. Long Term Debt: It is a normal ratio 0. 12 – 0. 16 in Turkey. The industry ratio is 1. 03. Migros’s ratios are 0. 47, 0. 44, 0. 49 orderly.

Bim’s ratios are 0. 01, 0. 01, 0. 01 orderly. If this ratio is high, this increases interest burden, decreases dividends and as a result, it causes not to cover debt burden. Migros prefers long-term foreign resources rather than using their equities. Long Term Debt to Equity: Ideal ratio is 1. Migros’s ratios are 0. 64, 1. 85, 2. 26. Bim’s ratios are 0. 04, 0. 03, 0. 03 orderly. The industry ratio is 0. 84. For Bim with these ratios that are less than 1, it means that Bim’s equity is more than long term debts. It is valid for these three years. Times Interest Earned: This ratio should be more than 8.

Higher value of times interest earned ratio is favorable meaning greater ability of a business to repay its interest and debt. Lower values are unfavorable. That means if a company cannot repay its interest and debt it may become in a difficult situation even it may go bankrupt. In general, times interest earned of 1. 5 or below is unsafe. 3) Efficiency Ratios Receivable Turnover: If a company has a low receivable turnover it means, that company has some important difficulties to collect their receivables and the collection policy of that company is not so good and this means that they are unnecessarily relax about sales on credit.

When we compare Bim and Migros, Bim is a better position for collecting its receivables in a quicker way. Its ratios are even less than industry ratio. When we compare Bim with Migros, Bim really has a strong ability to get their sales and receivables and their portfolios include low-risk and trustful customers Average Collection Period: It can also be evaluated by comparison with the terms on which the firm sells its goods. For Bim, with the high value of this ratio, it may not have the ability to finance its own debts because of long-term collection.

Migros has a shorter average collection period Inventory Turnover: It is the most important ratio in retailing sector and it measures company’s efficiency in turning its inventory into sales. Its purpose is to measure the liquidity of the inventory. Migros has ratios 7. 43, 8. 52, 8. 47 orderly and Bim has ratios 16. 98, 19. 56, 20. 23. Industry average is 10. 61. Migros’s ratios are less than Bim’s and industry’s ratios so this is a signal signal of inefficiency, since inventory usually has a rate of return of zero. It also implies either poor sales or excess inventory.

For Migros low turnover rate can indicate poor liquidity, possible overstocking, and obsolescence, but it may also reflect a planned inventory build up in the case of material shortages or in anticipation of rapidly rising prices. Bim has highest inventory turnover ratios over Migros and industry. It means that Bim is really strong in terms of sales and at the same time very effective to control its inventories. Its higher inventory turnover ratio also means better liquidity. Also its efficiency in managing their stocks were increased, their stocks are becoming sales revenues in a short time and their stock costs were decreased year by year.

With this positive development, it has less financial resources for their stocks as necessities and their competition force has increased by this activity. Average Days in Inventory: Generally, the lower (shorter) the DSI the better. Bim has lower Average Days in Inventory than Migros and industry. This means, Bim is doing good in the sector and it has a good position in industry competition. This is an indicator of good operating cycle of Bim. In this case, Migros is in a worse situation. Asset Turnover: Bim has higher asset turnover ratio than Migros and industry and it shows us Bim has much more effective sales than Migros.

It is more successful than Migros in order to generate sales with fewer assets it has a higher turnover ratio which tells it is a good company because it is using its assets efficiently. Migros is not using its assets optimally. Total asset turnover ratio is a key driver of return on equity 4) Profitability Ratios A company’s stock price, in large part, is driven by the company’s ability to generate earnings. Therefore, it is useful for investors to analyze the profitability of a company before investing in it. One way to do this is by calculating and tracking various profit margins, which reflect how efficiently a company uses its resources.

Gross Profit Margin: Due to higher sales volume of Bim, Bim has lower gross profit margin than both Migros and the industry and it means Profit Margin: It tells us about company’s profits and their different kinds of policies, strategies and decisions. When we look at Bim’s profit margins over the 3 years they are higher than Migros’s profit margin values and the industry average. It is the most advantageous one. Bim has a better position than Migros in the industry. It has a competitive advantage over Miigros. ROA: It shows us at what amount companies get returns from their investments.

Bim has higher ROA than Migros and industry over 3 years. It has become really effective to use their assets in a profitable way. For Migros, in 2011 the ratio became a minus value this means Migros lost its asset profitability and started to not to get any profit from their assets. ROE: Stockholders invest to get a return on their money, and this ratio tells how well they are doing in an accounting sense. It measures the performance of companies’ equities. Again for this ratio, Bim has a much better position. It has higher ratio than Migros and industry. But on the other hand, there has been a small ROE reduction for Bim over 3 years.

For example in 2011, ROE is 0. 48 and this means that owners of Bim could get 10% income from their equity that they invest for Bim. Operating Profit Margin: With a higher ratio of Bim, it is more successful in generating from operating its business. It is more important than net profit margin because it measures the profit margin which companies gain from goods and services sales in companies’ main activity subjects. This ratio is higher than industry ratios which is really important especially for Bim’s investors. APPENDIX Figure 1 Figure 2 Figure 3 Figure 4 Table 1: Structure of BIM’s Shareholders

Table 2; Structure of Migros’s Shareholders Figure 5 Figure 6 Figure 7 Figure 8 Figure 9 Figure 10 Figure 11 Figure 12 Figure 13 Table 3; # of National and International Stores, Net Sales Area Figure 14 Figure 15 Figure 16 Figure 17 Table 4: Financial Ratios of Migros | 2009| 2010| 2011| 2010| | Migros| Migros| Migros| Industry| LEVERAGE RATIOS| Debt to equity| 2. 76| 3. 13| 3. 58| 1. 03| Total debt ratio| 0. 73| 2. 41| 0. 78| 2. 00| Long Term debt ratio| 0. 47| 0. 44| 0. 49| 0. 22| Long-term debt to equity ratio| 0. 64| 1. 85| 2. 26| 0. 84| Times Interest Earned| 1. 54| 1. 28| 1. 43| 22. 35|

LIQUIDITY RATIOS| Current ratio| 1. 34| 1. 01| 1. 13| 0. 82| Quick ratio| 0. 94| 0. 58| 0. 70| 0. 45| Cash Ratios| 0. 88| 0. 55| 0. 66| 0. 32| Net Working Capital| 497,628| 27,363| 218,876| -31,682,086| EFFICIENCY RATIOS| Total asset turnover| 1. 01| 1. 14| 1. 04| 2. 08| Inventory turnover | 7. 34| 8. 52| 8. 47| 10. 61| Receivable turnover| 150. 11| 127. 5| 85. 64| 66. 25| Average collection period| 2. 43| 2. 86| 4. 26| 8. 80| Average days in Inventory| 49. 72| 42. 84| 43. 09| 38. 61| PROFITABILITY RATIOS| Gross profit margin| 0. 25| 0. 24| 0. 25| 0. 22| Net profit margin| 0. 01| 0. 006| -0. 02| 0. 02| Operating Profit Margin| 0. 01| 0. 03| 0. 04| 0. 01| Return on Asset| 0. 01| 0. 00| -0. 02| 0. 03| Return on Equity| 0. 07| 0. 03| -0. 13| 0. 11| Table 5:Financial Ratios of Bim | 2009| 2010| 2011| 2010| | Bim| Bim| Bim| Industry| LEVERAGE RATIOS| Debt to equity| 1. 83| 1. 74| 1. 81| 1. 03| Total debt ratio| 0. 64| 0. 63| 0. 64| 2. 00| Long-term debt ratio| 0. 01| 0. 01| 0. 01| 0. 22| Long-term debt to equity ratio| 0. 04| 0. 03| 0. 03| 0. 84| Times Interest Earned| 156. 8| 83. 67| 140. 6| 22. 35| LIQUIDITY RATIOS| Current ratio| 0. 88| 0. 95| 0. 98| 0. 82| Quick ratio| 0. 51| 0. 56| 0. 61| 0. 5| Cash Ratios| 0. 24| 0. 33| 0. 36| 0. 32| Net Working Capital| -80,986| -38,285| -18,386| -31,682,086| EFFICIENCY RATIOS| Total asset turnover| 4. 84| 4. 79| 4. 72| 2. 08| Inventory turnover | 16. 98| 19. 56| 20. 23| 10. 61| Receivable turnover| 32. 99| 34. 15| 30. 21| 66. 25| Average collection period| 11. 06| 10. 68| 12. 08| 8. 80| Average days in Inventory| 21. 4| 18. 66| 18. 04| 38. 61| PROFITABILITY RATIOS| Gross profit margin| 0. 17| 0. 16| 0. 16| 0. 22| Net profit margin| 0. 04| 0. 037| 0. 037| 0. 002| Operating Margin| 0. 04| 0. 04| 0. 04| 0. 01| Return on Asset| 0. 19| 0. 17| 0. 17| 0. 3| Return on Equity| 0. 54| 0. 49| 0. 48| 0. 11| Table 6: Financial ratios of Tesco Kipa, Carrefoursa, Migros, Bim, Industry, in 2010 2010| | Bim| Migros| Carrefoursa| Tesco Kipa| Industry| LEVERAGE RATIOS| Total Debt ratio| 0. 63| 2. 41| 0. 41| 0. 70| 1. 03| Debt to equity| 1. 74| 3. 13| 0. 71| 2. 43| 2. 00| Long-term debt ratio| 0. 01| 0. 44| 0. 02| 0. 42| 0. 22| Long-term debt equity ratio| 0. 03| 1. 85| 0. 04| 1. 45| 0. 84| Times interest earned| 84. 6| 1. 28| 1. 54| 2. 00| 22. 35| LIQUIDITY RATIOS| Net working capital| -38,285| 27,363| -126,853,307| 178,586| -31,682,086| Current ratio| 0. 8| 1. 01| 0. 81| 0. 59| 0. 82| Quick ratio| 0. 51| 0. 58| 0. 53| 0. 20| 0. 45| Cash Ratios| 0. 24| 0. 55| 0. 36| 0. 16| 0. 32| EFFICIENCY RATIOS| Total asset turnover| 4. 84| 1. 14| 1. 42| 0. 95| 2. 08| Inventory turnover | 16. 98| 8. 52| 10. 3| 6. 65| 10. 61| Receivable turnover| 32. 99| 127. 5| 21. 5| 83. 04| 66. 25| Average collection period| 11. 06| 2. 86| 16. 9| 4. 39| 8. 80| Average Days in Inventory| 21. 4| 42. 84| 35. 4| 54. 8| 38. 61| PROFITABILITY RATIOS| Gross profit margin| 0. 17| 0. 24| 0. 22| 0. 27| 0. 22| Net profit margin| 0. 04| 0. 006| -. 008| -0. 03| 0. 002| Operating Margin| 0. 4| 0. 03| -0. 005| -0. 002| 0. 01| Return on Asset| 0. 19| 0. 00| -0. 011| -0. 03| 0. 03| Return on Equity| 0. 54| 0. 03| -0. 02| -0. 11| 0. 11| | | REFERENCES * http://www. bim. com. tr/yatirimci-iliskileri. html * http://www. migroskurumsal. com/Foreks. aspx? IcerikID=35 * http://tesco. kipa. com. tr/default. asp * http://www. carrefour. com. tr/Kurumsal/finansalsonuclar;jsessionid=b3a0da5ff5e79ee039b023b24ca0 * http://www. ampd. org/ * http://www. capital. com. tr/perakende-AltKategoriler/48. aspx * http://www. aaii. com/computerized-investing/article/profit-margin-analysis. pdf

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