Migros First-Half Sales Reach TL 241.3 Billion: What the KAP Filing Tells Retail

According to KAP, profit for the period is TL 1,078,256 thousand and net profit attributable to the parent is TL 1,010,950 thousand. The first is the whole group’s profit; the second is what remains for Migros shareholders after non-controlling interests. Both numbers circulate in the news, so check which one you are reading.

According to the KAP filing, the statements went through a limited independent review by PwC. That is a normal level of review for an interim report. The pages reviewed do not state which date’s purchasing power the inflation-adjusted figures use.

Free cash flow is TL 5.8 billion, capital expenditure TL 6.3 billion and net cash TL 31.8 billion. The company keeps investing and holds a strong buffer, which a small retailer does not have.

According to CNBC-e, EBITDA, known in Türkiye as FAVÖK, is TL 10.967 billion, down 6.7% year on year. A fall in earnings before interest, tax, depreciation and amortisation points to pressure in store operations, not in financing. The report gives no EBITDA margin, so do not present your own calculation as an official figure.

Tort’s words show that part of the cost is shared with suppliers. A big chain can fund discounts with supplier contributions. A small grocer has little bargaining power, so the discount usually comes straight out of its own margin.

Tort says customer traffic improved in seasonal stores in July. That is an observation, not a forecast; the report gives no year-end target or separate second-quarter sales.

According to Perakende Türkiye, Migros holds 9.7% of the total FMCG (fast-moving consumer goods) market and 15.3% of the modern FMCG market. The gap shows that a large part of the market still runs through traditional channels: corner shops, open-air markets and independent grocers. That is exactly where small retailers have room.

In food retail, online is no longer side income; it is one of the main lines. The report gives only the share, not the TL value of online sales. Even so, the ratio shows customers are used to doing grocery shopping on a screen.

The 115 new stores show that physical proximity still carries value, and fast delivery draws on the store network. Competition tightens at neighbourhood level.

When a chain puts a discount in the window, customers compare prices and walk out the door. If an independent grocer matches the discount without supplier support, its margin melts. The way to stand apart is fresh produce, proximity and personal service.

Chains bringing suppliers into campaigns make the shelf-entry maths heavier for a new brand. We walk through planning costs and campaign budgets before launch in our piece on Çamlıca Enerji and the 9 steps a new drink brand takes before launch.

While food spending is protected through discounts, customers may get choosier on clothing, home goods and accessories. AVM is the Turkish term for a shopping mall, and you can find signals on rent and turnover balance in our piece on rent deferral requests in Turkish malls. More sector news sits on our retail page, where we interpret the retail agenda for you.

A customer looking for a grocer nearby checks the map first. A shop with no current hours, phone number, product photos or delivery details stays invisible, like stock gathering dust on the shelf. That is why a Google Business Profile is a small grocer’s first digital shop window.

Instead of pushing discounted items in the online basket, make higher-margin products visible. Track average basket and margin per product weekly. If a marketplace charges commission, add it to your cost line.

List your best sellers in a table: purchase price, selling price, discount and weekly units. Mark the high-volume items with thin margins. The “turnover but no profit” problem usually hides in those rows.

Compare the average basket in a campaign week with a normal week. If the discounted item does not pull other products into the basket, the campaign is eating margin. Put supplier contributions on the negotiating table too.

Record phone, messaging and marketplace orders separately and divide them by total sales. That ratio tells you how much effort digital deserves. We set up online sales channels and basket tracking through our e-commerce consulting work.

For the data itself, you can go straight to Migros’s first-half 2026 financial report on KAP.

Both are correct, but they use different definitions. According to KAP, TL 1.08 billion is profit for the period and TL 1.01 billion is net profit attributable to the parent.

This piece does not comment on shares. This is not investment advice; the aim is to read what the figures tell a retail business.

Rather than matching the discount, it stands apart on fresh produce, proximity and service. It tracks margin per product and picks only campaigns that grow the basket.