Migros says targets 2008 sales around 5.3 bln lira
Güncelleme Tarihi:
Leading Turkish retailer Migros aims to achieve sales of 5.3 billion lira ($3.55 billion) this year, the company's general manager Ozgur Tort said in the text of a speech on Friday.
Tort also said that the company was shooting for 2009 sales growth of 20 percent, adding that its five-year growth plan included acquisitions.
"Migros is targeting sales of 5.3 billion lira by the end of the year, and growth is seen at 20 percent boosted by the acceleration (of sales) in the second half," said the text of Tort's speech.
He also said in the speech that the company targeted sales of 10 billion lira in 2012.
Shares in Migros were down 10.5 percent at 19.60 lira in a sharply lower market. A dealer said the decline reflected volatility before the expiry of a tender call to minority shareholders on Monday. The free float of the company has fallen below 10 percent this week.
The tender call process for outstanding shares in Migros began on Oct. 6 after Moonlight, controlled by BC Partners, purchased a majority stake in Migros earlier this year.